Vest Financial LLC Purchases New Position in Western Alliance Bancorporation $WAL

Key Points

• Vest Financial acquired 25,290 shares of Western Alliance Bancorporation in the third quarter, worth approximately $1.9 million. Institutional investors and hedge funds collectively own 79.15% of the company.
• Western Alliance reported quarterly earnings of $2.45 per share, exceeding estimates of $2.43, while revenue rose 8.1% year over year to $1.01 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $92.18, compared with the stock’s reported price of $76.22.

Vest Financial LLC acquired a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 25,290 shares of the financial services provider's stock, valued at approximately $1,899,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new position in shares of Western Alliance Bancorporation during the third quarter worth approximately $44,652,000. Curated Wealth Partners LLC acquired a new stake in Western Alliance Bancorporation in the 3rd quarter valued at $287,000. Fortitude Family Office LLC grew its position in Western Alliance Bancorporation by 173.5% in the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 229 shares during the period. Lodestone Wealth Management LLC grew its position in Western Alliance Bancorporation by 9.6% in the 3rd quarter. Lodestone Wealth Management LLC now owns 14,652 shares of the financial services provider's stock valued at $1,100,000 after purchasing an additional 1,288 shares during the period. Finally, Wedmont Private Capital increased its stake in Western Alliance Bancorporation by 2.9% during the 3rd quarter. Wedmont Private Capital now owns 6,510 shares of the financial services provider's stock valued at $492,000 after purchasing an additional 184 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $76.22 on Friday. The business's fifty day simple moving average is $77.51 and its 200 day simple moving average is $79.18. The firm has a market capitalization of $8.32 billion, a P/E ratio of 8.09, a price-to-earnings-growth ratio of 0.79 and a beta of 1.42. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 0.87.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, topping analysts' consensus estimates of $2.43 by $0.02. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $987.91 million. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The firm's quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.28 EPS. As a group, analysts anticipate that Western Alliance Bancorporation will post 9.00 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.56%.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of Western Alliance Bancorporation from $93.00 to $84.00 and set a "buy" rating on the stock in a research note on Friday, October 9th. Barclays boosted their target price on shares of Western Alliance Bancorporation from $88.00 to $93.00 and gave the stock an "overweight" rating in a research report on Monday, October 5th. Keefe, Bruyette & Woods lowered their target price on shares of Western Alliance Bancorporation from $92.00 to $90.00 and set an "outperform" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Wednesday. Finally, Stephens dropped their price target on shares of Western Alliance Bancorporation from $94.00 to $88.00 and set an "overweight" rating on the stock in a research report on Thursday. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $92.18.

Western Alliance Bancorporation Company Profile

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

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.

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