T. Rowe Price Investment Management Inc. Boosts Stock Position in Western Alliance Bancorporation $WAL

Key Points

• T. Rowe Price Investment Management Inc. has increased its holdings in Western Alliance Bancorporation by 0.8%, owning approximately 3.6 million shares valued at $276.95 million.
• Western Alliance Bancorporation reported an EPS of $2.07 for the last quarter, exceeding analysts' expectations, with revenues slightly below estimates at $836.21 million.
• The company declared a quarterly dividend of $0.38 per share, resulting in an annualized dividend yield of 1.8% with a payout ratio of 19.97%.

T. Rowe Price Investment Management Inc. raised its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,604,755 shares of the financial services provider's stock after buying an additional 26,995 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.27% of Western Alliance Bancorporation worth $276,954,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of WAL. National Bank of Canada FI boosted its stake in shares of Western Alliance Bancorporation by 22.7% during the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after acquiring an additional 141 shares during the last quarter. MidWestOne Financial Group Inc. boosted its stake in shares of Western Alliance Bancorporation by 0.6% during the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock valued at $2,226,000 after acquiring an additional 160 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Western Alliance Bancorporation by 5.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after acquiring an additional 166 shares during the last quarter. D.A. Davidson & CO. boosted its stake in shares of Western Alliance Bancorporation by 2.9% during the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock valued at $465,000 after acquiring an additional 169 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Western Alliance Bancorporation by 3.4% during the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock valued at $460,000 after acquiring an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on WAL shares. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a research note on Tuesday. Industrial Alliance Securities set a $104.00 price objective on Western Alliance Bancorporation in a research note on Tuesday. Wells Fargo & Company decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, July 21st. DA Davidson increased their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research note on Monday, July 21st. Finally, Piper Sandler raised their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Trading Up 2.4%

Shares of Western Alliance Bancorporation stock traded up $2.12 during trading hours on Tuesday, reaching $88.96. The stock had a trading volume of 200,808 shares, compared to its average volume of 1,104,792. The firm has a 50 day simple moving average of $80.64 and a two-hundred day simple moving average of $77.14. The firm has a market capitalization of $9.82 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 0.60 and a beta of 1.33. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10.

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

Western Alliance Bancorporation Dividend Announcement

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

Insider Activity at Western Alliance Bancorporation

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm's 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 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 filing with the SEC, which can be accessed through this link. Insiders own 2.75% of the company's stock.

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.