California State Teachers Retirement System Trims Stock Position in Western Alliance Bancorporation $WAL

Key Points

• California State Teachers Retirement System reduced its Western Alliance Bancorporation stake by 2.7% in the second quarter, selling 3,379 shares and retaining 120,966 shares worth approximately $9.94 million. Institutional investors collectively own 79.15% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and four Holds, an average “Moderate Buy” rating, and an average price target of $95.47 versus the stock’s reported price of $79.26.
• Western Alliance reported quarterly revenue of $995.7 million, up 17.7% year over year, while matching consensus earnings at $2.36 per share. The company also pays a quarterly dividend of $0.42 per share, yielding about 2.1% annually.

California State Teachers Retirement System decreased its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 2.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 120,966 shares of the financial services provider's stock after selling 3,379 shares during the period. California State Teachers Retirement System owned about 0.11% of Western Alliance Bancorporation worth $9,943,405 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $926,898,000. Dimensional Fund Advisors LP boosted its stake in shares of Western Alliance Bancorporation by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider's stock valued at $270,203,000 after buying an additional 36,534 shares during the period. Davis Asset Management L.P. acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth approximately $274,219,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Western Alliance Bancorporation in the second quarter valued at about $174,329,000. Finally, Smead Capital Management Inc. boosted its position in shares of Western Alliance Bancorporation by 16.8% in the 4th quarter. Smead Capital Management Inc. now owns 1,556,943 shares of the financial services provider's stock worth $130,892,000 after purchasing an additional 223,707 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial upped their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. TD Cowen increased their price objective on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a "hold" rating in a research report on Monday, July 27th. Citigroup raised their price objective on Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Piper Sandler increased their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Finally, Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the company an "overweight" rating in a report on Thursday, July 23rd. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $95.47.

Western Alliance Bancorporation Stock Performance

NYSE:WAL traded up $0.08 during mid-day trading on Tuesday, hitting $79.26. 356,515 shares of the company's stock traded hands, compared to its average volume of 1,160,338. The firm has a market capitalization of $8.65 billion, a price-to-earnings ratio of 8.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.33. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The firm has a 50 day moving average of $80.86 and a two-hundred day moving average of $78.64. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business had revenue of $995.70 million during the quarter, compared to analysts' expectations of $980.53 million. During the same quarter in the prior year, the company posted $2.07 earnings per share. The firm's revenue was up 17.7% on a year-over-year basis. On average, equities 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 declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.92%.

About Western Alliance Bancorporation

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 and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners' associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.

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