Voya Investment Management LLC Acquires 128,362 Shares of 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 raised its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 23.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 676,575 shares of the financial services provider's stock after purchasing an additional 128,362 shares during the quarter. Voya Investment Management LLC owned approximately 0.61% of Western Alliance Bancorporation worth $51,981,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in WAL. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Western Alliance Bancorporation by 55.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after acquiring an additional 648,983 shares during the last quarter. Nuveen LLC bought a new stake in shares of Western Alliance Bancorporation during the first quarter worth $45,486,000. FJ Capital Management LLC raised its position in shares of Western Alliance Bancorporation by 824.8% during the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider's stock worth $33,998,000 after acquiring an additional 394,660 shares during the last quarter. Invesco Ltd. raised its position in shares of Western Alliance Bancorporation by 5.9% during the first quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider's stock worth $466,821,000 after acquiring an additional 339,758 shares during the last quarter. Finally, Tidal Investments LLC raised its position in shares of Western Alliance Bancorporation by 4,675.5% during the fourth quarter. Tidal Investments LLC now owns 207,495 shares of the financial services provider's stock worth $17,334,000 after acquiring an additional 203,150 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Down 1.1%

NYSE:WAL opened at $88.63 on Friday. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 11.65, a PEG ratio of 0.62 and a beta of 1.39. The stock has a 50-day moving average price of $83.97 and a two-hundred day moving average price of $77.32.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.The firm had revenue of $836.21 million during the quarter, compared to analysts' expectations of $838.58 million. During the same period in the previous year, the firm earned $1.75 earnings per share. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on WAL shares. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Truist Financial dropped their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research report on Monday, July 21st. Barclays boosted their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Piper Sandler lifted their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Finally, Wells Fargo & Company decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Monday, July 21st. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of "Moderate Buy" and a consensus price target of $97.79.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the transaction, the insider directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.68% of the company's stock.

About Western Alliance Bancorporation

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.

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