The Manufacturers Life Insurance Company Has $34.04 Million Stock Holdings in Western Alliance Bancorporation $WAL

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Western Alliance Bancorporation by 28.7%, owning approximately 0.40% of the company valued at $34.04 million as of its latest SEC filing.
• Western Alliance Bancorporation reported a Q2 EPS of $2.07, beating analyst expectations of $2.04, with a revenue of $836.21 million.
• The company announced a quarterly dividend of $0.38 per share, resulting in an annualized dividend of $1.52 and a 1.7% dividend yield.

The Manufacturers Life Insurance Company lowered its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 28.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 443,113 shares of the financial services provider's stock after selling 178,491 shares during the period. The Manufacturers Life Insurance Company owned 0.40% of Western Alliance Bancorporation worth $34,044,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Invesco Ltd. increased its holdings in shares of Western Alliance Bancorporation by 5.9% during the 1st quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider's stock worth $466,821,000 after acquiring an additional 339,758 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.8% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,604,755 shares of the financial services provider's stock worth $276,954,000 after acquiring an additional 26,995 shares during the last quarter. Janus Henderson Group PLC increased its holdings in shares of Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock worth $195,616,000 after acquiring an additional 445,176 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Western Alliance Bancorporation by 1.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock worth $146,668,000 after acquiring an additional 25,260 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Western Alliance Bancorporation by 55.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after acquiring an additional 648,983 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Price Performance

Shares of WAL stock traded down $0.67 on Friday, hitting $90.68. 1,210,840 shares of the company's stock were exchanged, compared to its average volume of 885,811. 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 has a 12 month low of $57.05 and a 12 month high of $98.10. The stock has a market cap of $10.01 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 0.63 and a beta of 1.39. The company has a 50 day moving average of $83.35 and a 200 day moving average of $77.36.

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 the consensus estimate of $2.04 by $0.03. The firm had revenue of $836.21 million during 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 company earned $1.75 earnings per share. On average, equities research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were given a $0.38 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 19.97%.

Analysts Set New Price Targets

WAL has been the topic of a number of research reports. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Industrial Alliance Securities set a $104.00 price objective on Western Alliance Bancorporation in a report on Tuesday, August 26th. 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, Piper Sandler upped their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an "overweight" rating in a report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and an average price target of $97.79.

Insider Buying and Selling

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 value of $209,775.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.68% of the company's stock.

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.