Western Alliance Bancorporation $WAL Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP cut its stake in Western Alliance by 40.7%, selling 57,611 shares and retaining 83,819 shares valued at about $7.27 million.
• Other institutions moved in opposite directions—Norges Bank initiated a roughly $137.3 million position and Perpetual added about $31.1 million—leaving approximately 79.15% of the stock owned by institutional investors.
• Western Alliance topped estimates with quarterly EPS of $2.59 (vs. $2.40 consensus) and 17% revenue growth, declared a $0.42 quarterly dividend (2.1% yield), and carries a "Moderate Buy" consensus with an average price target of $103.73.

Royce & Associates LP lowered its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 40.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,819 shares of the financial services provider's stock after selling 57,611 shares during the quarter. Royce & Associates LP owned 0.08% of Western Alliance Bancorporation worth $7,269,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $137,289,000. Perpetual Ltd acquired a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at approximately $31,072,000. Global Frontier Investments LLC purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $22,224,000. Smead Capital Management Inc. grew its holdings in shares of Western Alliance Bancorporation by 19.2% in the 2nd quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider's stock worth $111,921,000 after acquiring an additional 231,159 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its stake in Western Alliance Bancorporation by 11.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider's stock valued at $190,318,000 after purchasing an additional 223,425 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $81.63 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.80. The firm has a market cap of $8.97 billion, a PE ratio of 9.35, a P/E/G ratio of 0.68 and a beta of 1.34. The firm has a 50 day simple moving average of $88.95 and a 200-day simple moving average of $85.34. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, topping the consensus estimate of $2.40 by $0.19. The firm had revenue of $980.90 million during the quarter, compared to analysts' expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. Western Alliance Bancorporation's revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. On average, equities analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, February 20th. Western Alliance Bancorporation's dividend payout ratio is presently 19.24%.

Wall Street Analyst Weigh In

WAL has been the topic of several research reports. Jefferies Financial Group upped their target price on Western Alliance Bancorporation from $105.00 to $110.00 and gave the company a "buy" rating in a report on Wednesday, January 28th. TD Cowen dropped their target price on shares of Western Alliance Bancorporation from $109.00 to $108.00 and set a "buy" rating for the company in a report on Wednesday, January 7th. Keefe, Bruyette & Woods upped their price target on shares of Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an "outperform" rating in a report on Wednesday, January 28th. Barclays reissued an "overweight" rating on shares of Western Alliance Bancorporation in a research note on Monday, February 2nd. Finally, Truist Financial set a $98.00 target price on Western Alliance Bancorporation in a research note on Friday, January 9th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Western Alliance Bancorporation has an average rating of "Moderate Buy" and an average price target of $103.73.

Western Alliance Bancorporation Profile

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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