Western Alliance Bancorporation $WAL Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Western Alliance Bancorporation stake by 46% in the first quarter, owning 287,109 shares valued at approximately $20.3 million. Institutional investors and hedge funds collectively own 79.15% of WAL.
• Western Alliance reported quarterly earnings of $2.36 per share, matching estimates, while revenue rose 17.7% year over year to $995.7 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $95.47.
• The company declared a quarterly dividend of $0.42 per share, equivalent to $1.68 annually and a 2.1% yield. An insider separately sold 5,946 shares for approximately $481,626.

Bank of America Corp DE lifted its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 46.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 287,109 shares of the financial services provider's stock after purchasing an additional 90,498 shares during the quarter. Bank of America Corp DE owned about 0.26% of Western Alliance Bancorporation worth $20,342,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC boosted its holdings in Western Alliance Bancorporation by 71.2% in the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after purchasing an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp raised its position in Western Alliance Bancorporation by 513.5% in the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock valued at $133,000 after purchasing an additional 1,448 shares during the period. Goldman Sachs Group Inc. raised its position in Western Alliance Bancorporation by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after purchasing an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock valued at $26,701,000 after purchasing an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Western Alliance Bancorporation by 11.3% in the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider's stock valued at $547,000 after purchasing an additional 713 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total value 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. This trade represents a 63.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.76% of the company's stock.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $80.75 on Wednesday. The company has a market cap of $8.81 billion, a P/E ratio of 9.09, a PEG ratio of 0.79 and a beta of 1.34. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The firm's 50 day moving average price is $81.58 and its 200 day moving average price is $80.36.

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

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 18.92%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on WAL. UBS Group raised their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, July 22nd. Mizuho set a $96.00 price objective on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Finally, Stephens set a $95.00 price objective on shares of Western Alliance Bancorporation and gave the stock an "overweight" rating in a research 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. Based on data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus target price of $95.47.

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 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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