Wolverine Asset Management LLC Buys 9,406 Shares of 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 increased its stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 272.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. National Bank of Canada FI raised its position in shares of 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 valued at $59,000 after acquiring an additional 141 shares during the last quarter. Deutsche Bank AG raised its position in shares of Western Alliance Bancorporation by 215.8% during the 1st quarter. Deutsche Bank AG now owns 18,993 shares of the financial services provider's stock valued at $1,459,000 after acquiring an additional 12,979 shares during the last quarter. Allianz SE acquired a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $340,000. Scotia Capital Inc. acquired a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $1,403,000. Finally, Arkadios Wealth Advisors acquired a new position in Western Alliance Bancorporation in the 1st quarter worth $576,000. Institutional investors own 79.15% of the company's stock.

Insider Activity at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the sale, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.68% of the stock is currently owned by insiders.

Western Alliance Bancorporation Trading Down 1.1%

Shares of WAL stock traded down $0.91 during trading hours on Thursday, hitting $83.43. 282,887 shares of the company's stock traded hands, compared to its average volume of 1,111,883. The stock's 50 day simple moving average is $79.00 and its 200 day simple moving average is $77.59. The stock has a market cap of $9.21 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

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, topping analysts' consensus estimates of $2.04 by $0.03. The business had revenue of $836.21 million during the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. During the same quarter last year, the firm earned $1.75 earnings per share. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. Western Alliance Bancorporation's payout ratio is presently 19.97%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WAL shares. Citigroup upped their target price on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating for the company in a research note on Monday, July 21st. Jefferies Financial Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Wednesday, May 21st. They set a "buy" rating and a $95.00 price objective for the company. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Finally, Piper Sandler increased their price objective on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $96.62.

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.