Russell Investments Group Ltd. Purchases 253,622 Shares of Western Alliance Bancorporation $WAL

Key Points

• Russell Investments increased its stake in Western Alliance by 750.8% in Q3, buying 253,622 shares to hold 287,403 shares (about 0.26% of the company) valued at roughly $25.02 million.
• Other institutions also added shares—Dimensional, William Blair, Vaughan Nelson and Geode increased positions and Norges Bank initiated a ~$137.3 million stake—leaving institutional investors owning about 79.15% of WAL.
• Western Alliance reported Q EPS of $2.59 (beat), revenue up 17% YoY, pays a $0.42 quarterly dividend (2.5% yield), has a $7.49B market cap and a consensus analyst rating of “Moderate Buy” with a $99.40 price target.

Russell Investments Group Ltd. increased its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 750.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 287,403 shares of the financial services provider's stock after purchasing an additional 253,622 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.26% of Western Alliance Bancorporation worth $25,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in Western Alliance Bancorporation by 1.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,674,518 shares of the financial services provider's stock worth $318,655,000 after buying an additional 58,535 shares during the period. William Blair Investment Management LLC increased its stake in shares of Western Alliance Bancorporation by 3.5% during the third quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider's stock valued at $207,670,000 after buying an additional 81,386 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in shares of Western Alliance Bancorporation by 11.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider's stock valued at $190,318,000 after buying an additional 223,425 shares during the period. Geode Capital Management LLC raised its holdings in shares of Western Alliance Bancorporation by 5.4% during the second quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider's stock valued at $158,755,000 after acquiring an additional 104,182 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $137,289,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Down 2.0%

NYSE:WAL opened at $68.18 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. The firm has a market cap of $7.49 billion, a P/E ratio of 7.81, a P/E/G ratio of 0.60 and a beta of 1.34. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $97.23. The firm has a 50-day simple moving average of $87.49 and a two-hundred day simple moving average of $84.90.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.19. The firm had revenue of $890.80 million for the quarter, compared to analysts' expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The business's revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.95 earnings per share. Analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 2.5%. Western Alliance Bancorporation's dividend payout ratio is 19.24%.

Analyst Ratings Changes

WAL has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their price target on shares of Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an "outperform" rating in a report on Wednesday, January 28th. National Alliance Securities reaffirmed a "buy" rating on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. DA Davidson cut their target price on shares of Western Alliance Bancorporation from $105.00 to $93.00 and set a "buy" rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Finally, Barclays reissued an "overweight" rating on shares of Western Alliance Bancorporation in a research note on Monday, February 2nd. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.40.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company's core offerings include deposit products, treasury management and a variety of lending services.

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