United Services Automobile Association Makes New $527,000 Investment in Western Alliance Bancorporation $WAL

Key Points

• United Services Automobile Association acquired a new stake in Western Alliance Bancorporation valued at approximately $527,000, acquiring 6,926 shares in the first quarter.
• Insider Tim R. Bruckner sold 2,500 shares of Western Alliance, which represented a 9.17% decrease in his position, and now owns shares valued at over $2 million.
• Western Alliance Bancorporation reported a quarterly earnings per share (EPS) of $2.07, surpassing estimates, with a projected EPS of 9.05 for the fiscal year.

United Services Automobile Association purchased a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,926 shares of the financial services provider's stock, valued at approximately $527,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. HWG Holdings LP acquired a new stake in Western Alliance Bancorporation during the first quarter worth about $25,000. Tsfg LLC acquired a new stake in Western Alliance Bancorporation during the first quarter worth about $33,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Western Alliance Bancorporation during the first quarter worth about $58,000. National Bank of Canada FI grew its position in Western Alliance Bancorporation by 22.7% during the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after buying an additional 141 shares in the last quarter. Finally, UMB Bank n.a. grew its position in Western Alliance Bancorporation by 91.5% during the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock worth $78,000 after buying an additional 482 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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 completion of the sale, the insider owned 24,759 shares of the company's stock, valued at approximately $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 accessible through the SEC website. Corporate insiders own 2.75% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on WAL shares. Citigroup reissued a "neutral" rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. DA Davidson lifted their target price on Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Piper Sandler lifted their target price on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 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 report on Tuesday, July 1st. Finally, 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. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL traded down $2.81 during trading on Tuesday, reaching $86.24. The stock had a trading volume of 411,745 shares, compared to its average volume of 1,098,020. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The business's 50-day moving average price is $84.08 and its 200 day moving average price is $77.28. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a market capitalization of $9.52 billion, a PE ratio of 11.32, a P/E/G ratio of 0.61 and a beta of 1.39.

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 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The firm had revenue of $836.21 million during the quarter, compared to analysts' expectations of $838.58 million. During the same quarter in the previous year, the company posted $1.75 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 14th. Western Alliance Bancorporation's payout ratio is currently 19.97%.

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.