Tidal Investments LLC Grows Stake in Western Alliance Bancorporation $WAL

Key Points

• Tidal Investments increased its Western Alliance Bancorporation stake by 41.4% in the second quarter, bringing its holdings to 106,374 shares valued at approximately $8.74 million. Institutional investors collectively own 79.15% of the bank’s stock.
• Western Alliance reported second-quarter EPS of $2.36, matching estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year.
• The stock recently traded at $79.27, while analysts maintain a “Moderate Buy” consensus with a $95.47 average price target; the company also pays a quarterly dividend of $0.42 per share.

Tidal Investments LLC lifted its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 41.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 106,374 shares of the financial services provider's stock after purchasing an additional 31,142 shares during the quarter. Tidal Investments LLC owned about 0.10% of Western Alliance Bancorporation worth $8,744,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. NewEdge Advisors LLC increased its stake in Western Alliance Bancorporation by 71.2% in the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock worth $600,000 after acquiring an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock valued at $133,000 after acquiring an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Western Alliance Bancorporation by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after acquiring an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Western Alliance Bancorporation by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock valued at $26,701,000 after acquiring an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Western Alliance Bancorporation by 11.3% during the second quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider's stock worth $547,000 after purchasing an additional 713 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $79.27 on Friday. The firm has a market capitalization of $8.65 billion, a PE ratio of 8.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.33. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The business's 50-day moving average price is $80.93 and its 200-day moving average price is $78.77.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, hitting analysts' consensus estimates of $2.36. The company had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.Western Alliance Bancorporation's quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.07 EPS. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation's payout ratio is presently 18.92%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. TD Cowen upped their price objective on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a "hold" rating in a research report on Monday, July 27th. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Wells Fargo & Company increased their price target on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Finally, Truist Financial raised their price objective on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $95.47.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners' associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.

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