Western Alliance Bancorporation $WAL Shares Sold by Wellington Management Group LLP

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 trimmed its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 approximately 1.79% of Western Alliance Bancorporation worth $151,430,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of WAL. Wells Fargo & Company MN grew its holdings in shares of Western Alliance Bancorporation by 15.8% during the fourth quarter. Wells Fargo & Company MN now owns 35,217 shares of the financial services provider's stock valued at $2,942,000 after buying an additional 4,797 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Western Alliance Bancorporation by 20.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 52,710 shares of the financial services provider's stock valued at $4,403,000 after buying an additional 9,075 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth about $2,695,000. Guggenheim Capital LLC grew its position in shares of Western Alliance Bancorporation by 236.0% during the 4th quarter. Guggenheim Capital LLC now owns 8,836 shares of the financial services provider's stock valued at $738,000 after acquiring an additional 6,206 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Western Alliance Bancorporation by 11.5% in the 4th quarter. NewEdge Advisors LLC now owns 4,566 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 470 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports 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. JPMorgan Chase & Co. increased their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial cut their price target on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a report on Monday, July 21st. DA Davidson upped their price objective 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. Finally, Jefferies Financial Group initiated 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. Twelve investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.79.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm'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 $2,077,527.69. This trade represents a 9.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.75% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Trading Up 1.5%

NYSE WAL traded up $1.30 on Tuesday, reaching $88.14. 793,077 shares of the company were exchanged, compared to its average volume of 935,939. 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 business's fifty day moving average price is $80.99 and its 200 day moving average price is $77.21. The stock has a market capitalization of $9.73 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 0.60 and a beta of 1.33. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate 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 business had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same quarter in the previous year, the firm earned $1.75 EPS. Analysts forecast that Western Alliance Bancorporation will post 9.05 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, August 29th. Shareholders of record on Thursday, August 14th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.7%. The ex-dividend date is Thursday, August 14th. Western Alliance Bancorporation's payout ratio is presently 19.97%.

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.