Voya Investment Management LLC Grows Holdings in Western Alliance Bancorporation $WAL

Key Points

• Voya Investment Management LLC increased its holdings in Western Alliance Bancorporation by 23.4%, acquiring an additional 128,362 shares to own approximately 0.61% of the company, valued at around $51.98 million.
• The company reported $2.07 earnings per share for the last quarter, beating analysts' expectations, while also announcing a dividend of $0.38 per share, yielding 1.7% annually.
• Western Alliance Bancorporation has received multiple analyst upgrades and currently holds an average rating of "Moderate Buy" with a consensus price target of $97.79.

Voya Investment Management LLC boosted its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 23.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 676,575 shares of the financial services provider's stock after purchasing an additional 128,362 shares during the period. Voya Investment Management LLC owned approximately 0.61% of Western Alliance Bancorporation worth $51,981,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WAL. Cetera Investment Advisers raised its stake in Western Alliance Bancorporation by 18.8% during the fourth quarter. Cetera Investment Advisers now owns 4,940 shares of the financial services provider's stock worth $413,000 after purchasing an additional 781 shares during the period. Deutsche Bank AG raised its stake in Western Alliance Bancorporation by 7.9% during the fourth quarter. Deutsche Bank AG now owns 6,014 shares of the financial services provider's stock worth $502,000 after purchasing an additional 442 shares during the period. Nomura Holdings Inc. purchased a new position in Western Alliance Bancorporation during the fourth quarter worth about $1,209,000. Quantinno Capital Management LP raised its stake in Western Alliance Bancorporation by 15.2% during the fourth quarter. Quantinno Capital Management LP now owns 36,616 shares of the financial services provider's stock worth $3,059,000 after purchasing an additional 4,844 shares during the period. Finally, Royal Bank of Canada raised its stake in Western Alliance Bancorporation by 6.4% during the fourth quarter. Royal Bank of Canada now owns 196,012 shares of the financial services provider's stock worth $16,375,000 after purchasing an additional 11,802 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on WAL. Citigroup reaffirmed a "neutral" rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 26th. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Jefferies Financial Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They set a "buy" rating and a $95.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company dropped their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research report on Monday, July 21st. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Stock Up 3.6%

Shares of WAL stock traded up $3.21 during trading on Thursday, reaching $92.07. The company's stock had a trading volume of 538,791 shares, compared to its average volume of 1,102,126. 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 company has a market capitalization of $10.16 billion, a price-to-earnings ratio of 12.11, a P/E/G ratio of 0.60 and a beta of 1.39. The stock's 50-day moving average price is $84.21 and its 200 day moving average price is $77.42. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates 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 business posted $1.75 earnings per share. On average, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.68% of the company's stock.

Western Alliance Bancorporation 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.