New York State Teachers Retirement System raised its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 24.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,387 shares of the financial services provider's stock after purchasing an additional 5,056 shares during the quarter. New York State Teachers Retirement System's holdings in Western Alliance Bancorporation were worth $1,950,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of WAL. SBI Securities Co. Ltd. bought a new position in Western Alliance Bancorporation during the fourth quarter valued at $26,000. HWG Holdings LP bought a new stake in shares of Western Alliance Bancorporation in the first quarter worth about $25,000. Smartleaf Asset Management LLC boosted its position in Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 117 shares in the last quarter. Tsfg LLC bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth approximately $33,000. Finally, Atala Financial Inc bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $44,000. 79.15% of the stock is owned by hedge funds and other institutional investors.
Western Alliance Bancorporation Stock Down 0.9%
Shares of WAL traded down $0.73 during midday trading on Friday, reaching $84.38. The stock had a trading volume of 611,506 shares, compared to its average volume of 1,215,839. The company's fifty day simple moving average is $76.08 and its two-hundred day simple moving average is $78.32. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.88 and a quick ratio of 0.83. The company has a market cap of $9.32 billion, a price-to-earnings ratio of 11.57, a PEG ratio of 0.64 and a beta of 1.29.
Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.01. The company had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. During the same period in the previous year, the business posted $1.72 earnings per share. Equities research analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.
Western Alliance Bancorporation Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio is currently 20.85%.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on WAL. Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Truist Financial increased their price objective on shares of Western Alliance Bancorporation from $92.00 to $96.00 and gave the stock a "buy" rating in a research report on Friday. DA Davidson reduced their price objective on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Stephens reissued an "overweight" rating and issued a $92.00 price objective on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company raised their target price on shares of Western Alliance Bancorporation from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $97.50.
View Our Latest Research Report on WAL
About Western Alliance Bancorporation
(
Free Report)
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.
Further Reading
Before you consider Western Alliance Bancorporation, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Western Alliance Bancorporation wasn't on the list.
While Western Alliance Bancorporation currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
