Western Alliance Bancorporation (NYSE:WAL) Shares Acquired by New York State Teachers Retirement System

New York State Teachers Retirement System increased its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 24.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,387 shares of the financial services provider's stock after acquiring 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 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Price T Rowe Associates Inc. MD grew its holdings in shares of Western Alliance Bancorporation by 2.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,968,526 shares of the financial services provider's stock worth $498,612,000 after acquiring an additional 154,575 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Western Alliance Bancorporation by 5.1% during the fourth quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider's stock valued at $479,207,000 after buying an additional 278,041 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in shares of Western Alliance Bancorporation by 0.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,577,760 shares of the financial services provider's stock valued at $298,887,000 after buying an additional 22,942 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Western Alliance Bancorporation by 23.5% during the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after buying an additional 445,176 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Western Alliance Bancorporation by 1.3% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock valued at $146,668,000 after buying an additional 25,260 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $84.73 on Wednesday. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The business has a 50-day moving average of $75.27 and a two-hundred day moving average of $78.27. The stock has a market capitalization of $9.35 billion, a P/E ratio of 11.62, a P/E/G ratio of 0.63 and a beta of 1.29. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.88 and a quick ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.01. Western Alliance Bancorporation had a return on equity of 12.57% and a net margin of 15.80%. The company had revenue of $790.10 million during the quarter, compared to analysts' expectations of $792.25 million. During the same quarter in the previous year, the firm earned $1.72 earnings per share. On average, equities research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.79%. Western Alliance Bancorporation's dividend payout ratio is presently 20.85%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on WAL. Barclays lifted their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a report on Tuesday. Jefferies Financial Group started coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a "buy" rating and a $95.00 price target on the stock. Royal Bank Of Canada lowered their target price on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial started coverage on Western Alliance Bancorporation in a research note on Tuesday, May 13th. They issued a "buy" rating and a $92.00 target price on the stock. Finally, Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $96.50.

Western Alliance Bancorporation Company 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.

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