Corebridge Financial Inc. Sells 2,944 Shares of Western Alliance Bancorporation $WAL

Key Points

• Corebridge Financial Inc. has reduced its holdings in Western Alliance Bancorporation by 2.4%, selling 2,944 shares and bringing its total ownership to 120,459 shares valued at approximately $9.25 million.
• Several institutional investors, including Point72 Europe and Nicholas Investment Partners, have increased their stakes in Western Alliance, showcasing strong interest with ownership now sitting at 79.15% among institutional investors.
• Western Alliance Bancorporation has announced a quarterly dividend of $0.38 per share, reflecting a 1.7% dividend yield with a payout ratio of about 20%.

Corebridge Financial Inc. trimmed its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 120,459 shares of the financial services provider's stock after selling 2,944 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Western Alliance Bancorporation worth $9,255,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. National Bank of Canada FI increased its holdings in shares of Western Alliance Bancorporation by 22.7% in the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock valued at $59,000 after purchasing an additional 141 shares during the period. MidWestOne Financial Group Inc. boosted its position in Western Alliance Bancorporation by 0.6% during the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock worth $2,226,000 after purchasing an additional 160 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Western Alliance Bancorporation by 5.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock worth $258,000 after purchasing an additional 166 shares during the period. D.A. Davidson & CO. boosted its position in Western Alliance Bancorporation by 2.9% during the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock worth $465,000 after purchasing an additional 169 shares during the period. Finally, Crossmark Global Holdings Inc. boosted its position in shares of Western Alliance Bancorporation by 3.4% in the first quarter. Crossmark Global Holdings Inc. now owns 5,993 shares of the financial services provider's stock valued at $460,000 after acquiring an additional 197 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the sale, the insider directly owned 24,759 shares in the company, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research report on Monday, July 21st. Barclays raised their target price on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Wall Street Zen raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Finally, Jefferies Financial Group started coverage on Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 target price for the company. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.79.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded up $0.65 during mid-day trading on Friday, hitting $89.64. 1,009,127 shares of the company were exchanged, compared to its average volume of 950,104. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a market capitalization of $9.89 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 0.62 and a beta of 1.33. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The business has a fifty day moving average of $81.98 and a 200 day moving average of $77.25.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.The company had revenue of $836.21 million during the quarter, compared to analyst estimates of $838.58 million. During the same period last year, the company posted $1.75 earnings per share. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were paid a $0.38 dividend. The ex-dividend date was Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.7%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 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.