The Manufacturers Life Insurance Company Sells 178,491 Shares of 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 lessened its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 28.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 443,113 shares of the financial services provider's stock after selling 178,491 shares during the quarter. The Manufacturers Life Insurance Company owned 0.40% of Western Alliance Bancorporation worth $34,044,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Oliver Luxxe Assets LLC raised its stake in Western Alliance Bancorporation by 6.9% during the first quarter. Oliver Luxxe Assets LLC now owns 51,086 shares of the financial services provider's stock worth $3,925,000 after acquiring an additional 3,277 shares in the last quarter. AlphaQuest LLC grew its holdings in shares of Western Alliance Bancorporation by 34.7% in the 1st quarter. AlphaQuest LLC now owns 2,238 shares of the financial services provider's stock worth $172,000 after purchasing an additional 577 shares during the last quarter. Kestra Advisory Services LLC increased its position in shares of Western Alliance Bancorporation by 2.6% during the 1st quarter. Kestra Advisory Services LLC now owns 14,070 shares of the financial services provider's stock worth $1,081,000 after purchasing an additional 360 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Western Alliance Bancorporation by 33.8% during the 1st quarter. Ameriprise Financial Inc. now owns 475,935 shares of the financial services provider's stock valued at $36,562,000 after purchasing an additional 120,105 shares during the last quarter. Finally, CW Advisors LLC boosted its position in Western Alliance Bancorporation by 27.3% in the first quarter. CW Advisors LLC now owns 38,734 shares of the financial services provider's stock valued at $2,976,000 after buying an additional 8,297 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Trading Down 0.7%

Shares of WAL traded down $0.67 during trading hours on Friday, hitting $90.68. 1,210,840 shares of the stock traded hands, compared to its average volume of 908,390. The business has a fifty day moving average of $83.35 and a 200-day moving average of $77.16. The firm has a market capitalization of $10.01 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 0.63 and a beta of 1.39. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. 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 (NYSE:WAL - Get Free Report) last announced 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 firm had revenue of $836.21 million during 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 period last year, the company earned $1.75 earnings per share. Analysts expect 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. Investors of record on Thursday, August 14th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Thursday, August 14th. Western Alliance Bancorporation's payout ratio is 19.97%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on WAL shares. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. JPMorgan Chase & Co. lifted their price objective 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. Citigroup restated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Finally, DA Davidson raised their target price 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. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.79.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the transaction, the insider directly owned 24,759 shares of the company's stock, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.75% of the stock is currently owned by company insiders.

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.