Scotia Capital Inc. Invests $1.40 Million in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Scotia Capital Inc. has invested approximately $1.40 million in Western Alliance Bancorporation by purchasing 18,260 shares, as disclosed in their recent 13F filing.
• The company will pay a quarterly dividend of $0.38 on August 29, with an annualized yield of 2.0% and a payout ratio of 19.97%.
• Western Alliance Bancorporation reported an EPS of $2.07 for the last quarter, exceeding analysts' expectations and marking an increase from $1.75 EPS in the same quarter last year.

Scotia Capital Inc. purchased a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 18,260 shares of the financial services provider's stock, valued at approximately $1,403,000.

A number of other large investors also recently bought and sold shares of the business. Arkadios Wealth Advisors acquired a new stake in Western Alliance Bancorporation in the first quarter valued at approximately $576,000. XTX Topco Ltd purchased a new position in shares of Western Alliance Bancorporation during the 1st quarter valued at approximately $710,000. Federated Hermes Inc. grew its stake in Western Alliance Bancorporation by 9.8% in the 1st quarter. Federated Hermes Inc. now owns 12,040 shares of the financial services provider's stock valued at $925,000 after acquiring an additional 1,075 shares during the period. TCW Group Inc. increased its holdings in Western Alliance Bancorporation by 18.8% in the 1st quarter. TCW Group Inc. now owns 48,819 shares of the financial services provider's stock worth $3,751,000 after acquiring an additional 7,720 shares in the last quarter. Finally, Inspire Advisors LLC acquired a new position in Western Alliance Bancorporation during the first quarter worth $697,000. Institutional investors and hedge funds own 79.15% of the company's stock.

Insider Transactions at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.68% of the stock is currently owned by insiders.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $77.72 on Thursday. The firm has a market cap of $8.58 billion, a PE ratio of 10.21, a price-to-earnings-growth ratio of 0.54 and a beta of 1.33. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The business's fifty day simple moving average is $78.12 and its 200-day simple moving average is $77.98.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The company had revenue of $836.21 million for the quarter, compared to analysts' expectations of $838.58 million. During the same quarter in the prior year, the company posted $1.75 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Thursday, August 14th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Analyst Ratings Changes

Several analysts have recently issued reports on WAL shares. Citigroup lifted their target price on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Royal Bank Of Canada decreased their target price on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Barclays increased their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial decreased their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Finally, Stephens reiterated an "overweight" rating and issued a $92.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.62.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.

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