Western Alliance Bancorporation $WAL Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Western Alliance Bancorporation stake by 24.7% during the first quarter, bringing its holdings to 124,345 shares valued at approximately $8.81 million. Institutional investors and hedge funds collectively own 79.15% of the company.
• Analysts maintain a “Moderate Buy” consensus rating, with 11 Buy ratings and four Holds and an average price target of $94.82, above the stock’s reported $84.32 opening price.
• Western Alliance reported quarterly earnings of $2.36 per share, matching estimates, while revenue rose 17.7% year over year to $995.7 million. The company also declared a quarterly dividend of $0.42 per share, representing a 2.0% annualized yield.

California State Teachers Retirement System lifted its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 24.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 124,345 shares of the financial services provider's stock after purchasing an additional 24,611 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Western Alliance Bancorporation worth $8,810,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Clearstead Advisors LLC lifted its stake in shares of Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after acquiring an additional 243 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Western Alliance Bancorporation during the fourth quarter worth about $38,000. Assetmark Inc. increased its stake in shares of Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after acquiring an additional 259 shares during the period. Leonteq Securities AG purchased a new position in Western Alliance Bancorporation during the fourth quarter worth about $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in Western Alliance Bancorporation in the fourth quarter valued at about $45,000. 79.15% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of analyst reports. DA Davidson set a $36.00 price objective on Western Alliance Bancorporation in a report on Wednesday, July 22nd. Mizuho set a $96.00 price target on Western Alliance Bancorporation in a research note on Thursday, July 23rd. Citigroup upped their price objective on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. UBS Group raised their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Finally, Barclays decreased their target price on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.82.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $84.32 on Wednesday. The stock has a fifty day moving average price of $81.17 and a 200 day moving average price of $80.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.80 and a current ratio of 0.86. The stock has a market cap of $9.20 billion, a PE ratio of 9.50, a P/E/G ratio of 0.80 and a beta of 1.34. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, meeting the consensus estimate of $2.36. The company had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.Western Alliance Bancorporation's revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.07 earnings per share. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 18.92%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the transaction, the chief accounting officer owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.76% of the company's stock.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company's core offerings include deposit products, treasury management and a variety of lending services.

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