Victory Capital Management Inc. Reduces Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Victory Capital Management Inc. lessened its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 33.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,042 shares of the financial services provider's stock after selling 10,037 shares during the period. Victory Capital Management Inc.'s holdings in Western Alliance Bancorporation were worth $1,540,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. HWG Holdings LP purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter worth approximately $25,000. Tsfg LLC purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter worth approximately $33,000. UMB Bank n.a. grew its position in shares of Western Alliance Bancorporation by 91.5% in the 1st quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock worth $78,000 after buying an additional 482 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Western Alliance Bancorporation by 144.5% in the 1st quarter. Larson Financial Group LLC now owns 1,714 shares of the financial services provider's stock worth $132,000 after buying an additional 1,013 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Western Alliance Bancorporation by 53.3% in the 1st quarter. GAMMA Investing LLC now owns 2,181 shares of the financial services provider's stock worth $168,000 after buying an additional 758 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Insider Buying and Selling

In related news, insider Tim R. Bruckner sold 2,500 shares of the business'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 sale, the insider 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WAL. Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. lifted their target price on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Jefferies Financial Group assumed coverage on shares of Western Alliance Bancorporation in a research note on Wednesday, May 21st. They issued a "buy" rating and a $95.00 target price for the company. Piper Sandler lifted their target price on shares of 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, Barclays lifted their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.62.

Western Alliance Bancorporation Stock Performance

Shares of WAL traded down $1.60 during trading hours on Thursday, hitting $77.51. The stock had a trading volume of 975,484 shares, compared to its average volume of 1,056,712. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.85. The firm has a 50-day moving average price of $77.71 and a 200 day moving average price of $78.25. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 0.55 and a beta of 1.29.

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 the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. 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 business posted $1.75 EPS. As a group, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 15th. 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.