Wellington Management Group LLP Lowers Stock Holdings in Western Alliance Bancorporation $WAL

Key Points

• Wellington Management Group LLP reduced its stake in Western Alliance Bancorporation by 2.8% in the first quarter, owning approximately 1.79% of the company, valued at about $151.43 million.
• Western Alliance Bancorporation announced a quarterly dividend of $0.38 per share, with a yield of 1.8%, to be paid on August 29th.
• The company reported $2.07 earnings per share for the last quarter, surpassing analyst expectations, despite revenue falling short of consensus estimates.

Wellington Management Group LLP lowered its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,970,970 shares of the financial services provider's stock after selling 57,711 shares during the period. Wellington Management Group LLP owned about 1.79% of Western Alliance Bancorporation worth $151,430,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in WAL. HWG Holdings LP bought a new stake in Western Alliance Bancorporation during the first quarter worth about $25,000. Tsfg LLC bought a new stake in Western Alliance Bancorporation during the first quarter worth about $33,000. National Bank of Canada FI lifted its stake 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 purchasing an additional 141 shares during the last quarter. UMB Bank n.a. lifted its stake 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 purchasing an additional 482 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in Western Alliance Bancorporation by 144.5% during the first quarter. Larson Financial Group LLC now owns 1,714 shares of the financial services provider's stock worth $132,000 after purchasing an additional 1,013 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Up 0.5%

NYSE WAL opened at $82.4720 on Thursday. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The stock has a market capitalization of $9.10 billion, a PE ratio of 10.84, a PEG ratio of 0.57 and a beta of 1.33. 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 business's 50-day moving average is $79.87 and its 200 day moving average is $77.35.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly 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 company had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. During the same quarter in the previous year, the business earned $1.75 EPS. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Thursday, August 14th will be 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 is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is currently 19.97%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the company's stock in a transaction on Thursday, July 24th. The shares were 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 in the company, valued at approximately $2,077,527.69. This represents a 9.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.68% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WAL. DA Davidson lifted their target price on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a "buy" rating in a research report on Monday, July 21st. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 target price on the stock. Royal Bank Of Canada decreased their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Truist Financial decreased their target price on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Finally, Citigroup boosted their price objective on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $96.62.

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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