T. Rowe Price Investment Management Inc. Purchases 26,995 Shares of 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. increased its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,604,755 shares of the financial services provider's stock after purchasing an additional 26,995 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.27% of Western Alliance Bancorporation worth $276,954,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. HWG Holdings LP bought a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $25,000. Tsfg LLC bought a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $33,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $58,000. National Bank of Canada FI grew its position in Western Alliance Bancorporation by 22.7% in 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 period. Finally, UMB Bank n.a. grew its position in Western Alliance Bancorporation by 91.5% in the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $78,000 after acquiring an additional 482 shares during the period. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $82.4720 on Thursday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market cap of $9.10 billion, a P/E ratio of 10.84, a P/E/G ratio of 0.57 and a beta of 1.33. The business's fifty day moving average is $79.87 and its two-hundred day moving average is $77.35. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10.

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 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 analyst estimates 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 quarter in the previous year, the firm earned $1.75 earnings per share. Equities research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Thursday, August 14th. Western Alliance Bancorporation's dividend payout ratio is 19.97%.

Insider Activity

In other news, insider Tim R. Bruckner sold 2,500 shares of the company'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 transaction, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

WAL has been the topic of a number of analyst reports. Barclays upped their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. upped their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Jefferies Financial Group initiated coverage on Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price target on the stock. DA Davidson upped their price target on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Finally, Piper Sandler boosted their price objective 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 equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Western Alliance Bancorporation Company 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.

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