Smead Capital Management Inc. Has $92.51 Million Stock Holdings in Western Alliance Bancorporation $WAL

Key Points

• Smead Capital Management Inc. reduced its stake in Western Alliance Bancorporation by 8.7%, now holding 1,204,088 shares worth approximately $92.5 million.
• Several institutional investors, including Northern Trust Corp and Ariel Investments LLC, significantly increased their positions in Western Alliance during the fourth quarter.
• The company recently declared a quarterly dividend of $0.38 per share, with a yield of 1.7%, to be paid on August 29th, 2023.

Smead Capital Management Inc. lessened its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 8.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,204,088 shares of the financial services provider's stock after selling 114,123 shares during the period. Western Alliance Bancorporation makes up approximately 1.6% of Smead Capital Management Inc.'s investment portfolio, making the stock its 24th largest position. Smead Capital Management Inc. owned about 1.09% of Western Alliance Bancorporation worth $92,510,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the company. Northern Trust Corp boosted its stake in shares of Western Alliance Bancorporation by 16.1% in the fourth quarter. Northern Trust Corp now owns 912,054 shares of the financial services provider's stock valued at $76,193,000 after buying an additional 126,158 shares during the period. Rhino Investment Partners Inc boosted its stake in shares of Western Alliance Bancorporation by 13.3% in the fourth quarter. Rhino Investment Partners Inc now owns 241,676 shares of the financial services provider's stock valued at $20,190,000 after buying an additional 28,300 shares during the period. Ariel Investments LLC boosted its stake in shares of Western Alliance Bancorporation by 43.1% in the fourth quarter. Ariel Investments LLC now owns 520,020 shares of the financial services provider's stock valued at $43,442,000 after buying an additional 156,715 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Western Alliance Bancorporation by 0.5% in the fourth quarter. Ameriprise Financial Inc. now owns 355,830 shares of the financial services provider's stock valued at $29,726,000 after buying an additional 1,743 shares during the period. Finally, Black Maple Capital Management LP boosted its stake in shares of Western Alliance Bancorporation by 3,042.9% in the fourth quarter. Black Maple Capital Management LP now owns 110,000 shares of the financial services provider's stock valued at $9,189,000 after buying an additional 106,500 shares during the period. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Trading Up 0.7%

NYSE WAL traded up $0.65 on Friday, reaching $89.64. The company had a trading volume of 1,009,127 shares, compared to its average volume of 950,606. The firm has a market cap of $9.89 billion, a price-to-earnings ratio of 11.78, a P/E/G ratio of 0.62 and a beta of 1.39. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The business has a 50 day moving average of $81.98 and a two-hundred day moving average of $77.18. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82.

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

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.97%.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction dated 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 sale, the insider directly owned 24,759 shares in the company, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on WAL shares. Industrial Alliance Securities set a $104.00 price target on Western Alliance Bancorporation in a research note on Tuesday, August 26th. Truist Financial cut their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Barclays upped their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Monday, July 21st. Finally, Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Twelve analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Profile

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.