Formula Growth Ltd. Purchases Shares of 55,173 Western Alliance Bancorporation (NYSE:WAL)

Formula Growth Ltd. acquired a new position in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 55,173 shares of the financial services provider's stock, valued at approximately $4,609,000. Western Alliance Bancorporation comprises 1.6% of Formula Growth Ltd.'s investment portfolio, making the stock its 16th biggest holding. Formula Growth Ltd. owned 0.05% of Western Alliance Bancorporation as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of WAL. SBI Securities Co. Ltd. bought a new position in shares of Western Alliance Bancorporation during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its position in shares of Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 117 shares during the last quarter. Fifth Third Bancorp boosted its holdings in shares of Western Alliance Bancorporation by 70.1% in the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock worth $28,000 after buying an additional 136 shares during the last quarter. Allworth Financial LP grew its position in Western Alliance Bancorporation by 115.6% during the fourth quarter. Allworth Financial LP now owns 401 shares of the financial services provider's stock valued at $37,000 after buying an additional 215 shares during the period. Finally, Atala Financial Inc purchased a new stake in Western Alliance Bancorporation during the fourth quarter worth about $44,000. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded up $1.38 during midday trading on Thursday, reaching $70.08. 317,809 shares of the stock were exchanged, compared to its average volume of 1,304,557. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. Western Alliance Bancorporation has a 52 week low of $56.70 and a 52 week high of $98.10. The firm has a market cap of $7.74 billion, a PE ratio of 9.87, a PEG ratio of 0.63 and a beta of 1.29. The company's fifty day moving average is $75.34 and its 200-day moving average is $83.53.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.01. The business had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same period in the prior year, the company earned $1.72 EPS. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.52 annualized dividend and a yield of 2.17%. Western Alliance Bancorporation's payout ratio is presently 21.41%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Royal Bank of Canada reduced their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday. Barclays decreased their target price on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Piper Sandler upped their price target on Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. StockNews.com raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, Stephens reaffirmed an "overweight" rating and set a $92.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Western Alliance Bancorporation has an average rating of "Moderate Buy" and an average price target of $96.62.

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.