Dimensional Fund Advisors LP Lowers Stake in Western Alliance Bancorporation $WAL

Key Points

• Dimensional Fund Advisors LP reduced its stake in Western Alliance Bancorporation by 3.5%, selling 115,954 shares, and now owns approximately 2.92% of the company, valued at $247.5 million.
• Several other institutional investors have also adjusted their positions, with Barrow Hanley Mewhinney & Strauss LLC increasing its holdings by 55.7% in the last quarter, reflecting strong institutional interest in the company.
• Western Alliance Bancorporation recently announced a quarterly dividend of $0.38, providing an annual yield of 1.8%, with a payout ratio of 19.97%.

Dimensional Fund Advisors LP cut its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,221,734 shares of the financial services provider's stock after selling 115,954 shares during the quarter. Dimensional Fund Advisors LP owned 2.92% of Western Alliance Bancorporation worth $247,511,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of WAL. Kovitz Investment Group Partners LLC boosted its position in shares of Western Alliance Bancorporation by 24.7% in the first quarter. Kovitz Investment Group Partners LLC now owns 19,698 shares of the financial services provider's stock worth $1,513,000 after buying an additional 3,900 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Western Alliance Bancorporation during the first quarter valued at $689,000. Russell Investments Group Ltd. raised its holdings in Western Alliance Bancorporation by 16.8% during the first quarter. Russell Investments Group Ltd. now owns 34,078 shares of the financial services provider's stock valued at $2,618,000 after buying an additional 4,895 shares in the last quarter. HighTower Advisors LLC raised its holdings in Western Alliance Bancorporation by 68.6% during the first quarter. HighTower Advisors LLC now owns 28,242 shares of the financial services provider's stock valued at $2,170,000 after buying an additional 11,492 shares in the last quarter. Finally, Nuveen LLC bought a new position in Western Alliance Bancorporation during the first quarter valued at about $45,486,000. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock traded down $1.1020 during midday trading on Thursday, reaching $81.3780. 516,228 shares of the company's stock were exchanged, compared to its average volume of 1,106,141. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market cap of $8.98 billion, a price-to-earnings ratio of 10.69, a P/E/G ratio of 0.57 and a beta of 1.33. The stock's 50-day simple moving average is $79.87 and its 200 day simple moving average is $77.35.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $838.58 million. During the same quarter in the previous year, the company posted $1.75 earnings per share. On average, analysts expect that Western Alliance Bancorporation will post 9.05 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 Friday, August 29th. Stockholders of record on Thursday, August 14th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, August 14th. This represents a $1.52 annualized dividend and a dividend yield of 1.9%. Western Alliance Bancorporation's dividend payout ratio is 19.97%.

Wall Street Analysts Forecast Growth

WAL has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price objective on the stock. Truist Financial lowered their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research note on Monday, July 21st. JPMorgan Chase & Co. boosted their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Barclays upped their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Wells Fargo & Company cut their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Insider Activity

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 sale, the insider owned 24,759 shares of the company's stock, valued at $2,077,527.69. The trade was a 9.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.68% of the company's stock.

Western Alliance Bancorporation Company Profile

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.