Vanguard Group Inc. Sells 165,105 Shares of Western Alliance Bancorporation $WAL

Key Points

• Vanguard Group trimmed its stake in Western Alliance by 1.6%, selling 165,105 shares and leaving it with 10,335,676 shares (about 9.39% of the company) valued at roughly $869 million.
• Western Alliance reported a strong quarter with $2.22 EPS (vs. $1.48 estimate) and revenue up 31% year-over-year, showing improved profitability and growth momentum.
• Analysts have a consensus rating of "Moderate Buy" with a $93.14 average target while the stock trades near $80.88; the bank also declared a $0.42 quarterly dividend (annualized yield ~2.1%).

Vanguard Group Inc. lowered its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 1.6% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 10,335,676 shares of the financial services provider's stock after selling 165,105 shares during the period. Vanguard Group Inc. owned approximately 9.39% of Western Alliance Bancorporation worth $868,920,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Invesco Ltd. lifted its stake in Western Alliance Bancorporation by 3.4% during the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider's stock valued at $521,710,000 after acquiring an additional 197,854 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider's stock valued at $518,578,000 after acquiring an additional 1,599,537 shares during the period. Dimensional Fund Advisors LP lifted its stake in Western Alliance Bancorporation by 1.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,674,518 shares of the financial services provider's stock valued at $318,655,000 after acquiring an additional 58,535 shares during the period. William Blair Investment Management LLC lifted its stake in Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider's stock valued at $207,670,000 after acquiring an additional 81,386 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Western Alliance Bancorporation by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,288,233 shares of the financial services provider's stock valued at $198,436,000 after acquiring an additional 36,364 shares during the period. Institutional investors own 79.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on WAL shares. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, January 9th. Citigroup dropped their price objective on shares of Western Alliance Bancorporation from $103.00 to $96.00 and set a "buy" rating on the stock in a report on Tuesday, April 28th. Weiss Ratings downgraded shares of Western Alliance Bancorporation from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, March 20th. Barclays dropped their price objective on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Finally, Wells Fargo & Company raised shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and dropped their price objective for the stock from $83.00 to $79.00 in a report on Monday, March 9th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.14.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $80.88 on Friday. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 9.42, a PEG ratio of 0.62 and a beta of 1.37. The company's 50 day moving average is $75.93 and its two-hundred day moving average is $81.55. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The company had revenue of $968.40 million for the quarter, compared to analysts' expectations of $944.18 million. During the same quarter last year, the business earned $1.79 EPS. The firm's revenue was up 31.0% compared to the same quarter last year. As a group, research analysts anticipate that Western Alliance Bancorporation will post 9.92 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 14th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.56%.

Western Alliance Bancorporation Profile

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 services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company's core offerings include deposit products, treasury management and a variety of lending services.

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