Thornburg Investment Management Inc. Cuts Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Thornburg Investment Management Inc. decreased its stake in Western Alliance Bancorporation by 7.1%, owning 167,591 shares valued at approximately $12.88 million after selling 12,883 shares.
• Western Alliance Bancorporation reported an EPS of $2.07 for the quarter, exceeding analysts' expectations of $2.04, and had a net margin of 16.39%.
• The company recently declared a quarterly dividend of $0.38, with an annualized dividend yield of 1.88%, indicating a strong commitment to returning value to its shareholders.

Thornburg Investment Management Inc. reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 167,591 shares of the financial services provider's stock after selling 12,883 shares during the period. Thornburg Investment Management Inc. owned about 0.15% of Western Alliance Bancorporation worth $12,876,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. XTX Topco Ltd acquired a new position in shares of Western Alliance Bancorporation in the first quarter worth $710,000. Federated Hermes Inc. increased its holdings in shares of Western Alliance Bancorporation by 9.8% in the 1st quarter. Federated Hermes Inc. now owns 12,040 shares of the financial services provider's stock valued at $925,000 after acquiring an additional 1,075 shares during the last quarter. TCW Group Inc. boosted its stake in shares of Western Alliance Bancorporation by 18.8% during the first quarter. TCW Group Inc. now owns 48,819 shares of the financial services provider's stock worth $3,751,000 after buying an additional 7,720 shares during the period. Inspire Advisors LLC purchased a new stake in shares of Western Alliance Bancorporation in the first quarter valued at about $697,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Western Alliance Bancorporation by 2.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,160 shares of the financial services provider's stock worth $2,087,000 after acquiring an additional 611 shares during the period. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Trading Down 2.0%

Western Alliance Bancorporation stock traded down $1.60 during trading hours on Thursday, hitting $77.51. The stock had a trading volume of 975,484 shares, compared to its average volume of 1,056,712. The business's 50 day simple moving average is $77.71 and its 200-day simple moving average is $78.25. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 0.55 and a beta of 1.29. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95.

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. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same period in the previous year, the firm earned $1.75 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on WAL. DA Davidson raised 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. Stephens reissued an "overweight" rating and set a $92.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. Royal Bank Of Canada lowered their price target on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Barclays raised their target price 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. Finally, Jefferies Financial Group assumed coverage on shares of Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a "buy" rating and a $95.00 target price for the company. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Western Alliance Bancorporation has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares of the company's stock, valued at $2,077,527.69. The trade was a 9.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.