Western Alliance Bancorporation $WAL Shares Sold by Inspire Investing LLC

Key Points

• Inspire Investing LLC reduced its stake in Western Alliance Bancorporation by 68.7%, retaining only 13,255 shares after selling 29,136 shares during the second quarter.
• Western Alliance Bancorporation received a range of ratings from brokerages, with a buy rating from Weiss Ratings and a price target of $118.00 set by National Bankshares.
• The company announced a $0.38 per share quarterly dividend, representing an annualized yield of 2.0%, with a payout ratio of 19.97%.

Inspire Investing LLC cut its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 68.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 13,255 shares of the financial services provider's stock after selling 29,136 shares during the quarter. Inspire Investing LLC's holdings in Western Alliance Bancorporation were worth $1,034,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. SLT Holdings LLC acquired a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $224,000. KLP Kapitalforvaltning AS increased its position in shares of Western Alliance Bancorporation by 3.3% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 22,000 shares of the financial services provider's stock valued at $1,716,000 after purchasing an additional 700 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in shares of Western Alliance Bancorporation by 3.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,971,205 shares of the financial services provider's stock valued at $153,715,000 after purchasing an additional 62,202 shares during the period. Truist Financial Corp acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter worth $234,000. Finally, Generate Investment Management Ltd grew its holdings in shares of Western Alliance Bancorporation by 9.8% in the 2nd quarter. Generate Investment Management Ltd now owns 319,449 shares of the financial services provider's stock worth $24,911,000 after acquiring an additional 28,518 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WAL. Weiss Ratings restated a "buy (b-)" rating on shares of Western Alliance Bancorporation in a report on Wednesday. Citigroup restated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. National Bankshares set a $118.00 target price on Western Alliance Bancorporation in a report on Wednesday, September 24th. TD Cowen began coverage on Western Alliance Bancorporation in a report on Thursday, September 25th. They issued a "buy" rating and a $118.00 target price on the stock. Finally, Wells Fargo & Company restated an "underweight" rating on shares of Western Alliance Bancorporation in a report on Wednesday. Thirteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and an average price target of $103.14.

Insider Transactions at Western Alliance Bancorporation

In related news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the sale, the insider owned 24,759 shares of the company's stock, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.68% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $74.87 on Friday. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $98.10. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 9.84, a P/E/G ratio of 0.52 and a beta of 1.35. The stock's fifty day simple moving average is $85.81 and its 200-day simple moving average is $78.44.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share for the quarter. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.The business had revenue of $718.00 million for the quarter. On average, sell-side analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Thursday, August 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a yield of 2.0%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 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.

Want to see what other hedge funds are holding WAL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Western Alliance Bancorporation (NYSE:WAL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.