Wolverine Asset Management LLC Grows Holdings in Western Alliance Bancorporation (NYSE:WAL)

Key Points

• Wolverine Asset Management LLC increased its stake in Western Alliance Bancorporation by 272.0% in Q1, holding shares worth $988,000 as of the last reporting period.
• Several institutional investors, including Wells Fargo and Capital Fund Management, have also boosted their holdings, with institutional investors collectively owning 79.15% of the company’s stock.
• Analysts have mixed views on the stock, with target prices ranging from $85.00 to $100.00, and an average rating of "Moderate Buy" amid calls for continued growth following a recent earnings report.

Wolverine Asset Management LLC raised its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 272.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,864 shares of the financial services provider's stock after purchasing an additional 9,406 shares during the period. Wolverine Asset Management LLC's holdings in Western Alliance Bancorporation were worth $988,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of WAL. National Bank of Canada FI increased its stake in Western Alliance Bancorporation by 22.7% during the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after buying an additional 141 shares in the last quarter. Deutsche Bank AG raised its stake in Western Alliance Bancorporation by 215.8% in the 1st quarter. Deutsche Bank AG now owns 18,993 shares of the financial services provider's stock valued at $1,459,000 after purchasing an additional 12,979 shares during the last quarter. Allianz SE purchased a new position in Western Alliance Bancorporation in the 1st quarter valued at $340,000. Scotia Capital Inc. acquired a new stake in Western Alliance Bancorporation during the 1st quarter worth $1,403,000. Finally, Arkadios Wealth Advisors purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth $576,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price objective for the company. Truist Financial cut their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a report on Monday, July 21st. Royal Bank Of Canada cut their target price on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company lowered their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Monday, July 21st. Finally, Citigroup raised their price objective on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus price target of $96.62.

Western Alliance Bancorporation Trading Up 2.5%

NYSE WAL traded up $2.10 during trading on Wednesday, hitting $84.80. The stock had a trading volume of 975,140 shares, compared to its average volume of 1,117,438. 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 company has a market capitalization of $9.36 billion, a PE ratio of 11.14, a PEG ratio of 0.54 and a beta of 1.33. The firm has a 50 day moving average price of $78.75 and a 200 day moving average price of $77.54. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results 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 net margin of 16.39% and a return on equity of 12.62%. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same period in the prior year, the business earned $1.75 EPS. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Thursday, August 14th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a yield of 1.8%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 19.97%.

Insiders Place Their Bets

In other news, insider Tim R. Bruckner sold 2,500 shares of the company'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 completion of the transaction, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. This represents a 9.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.75% 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.