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Western Alliance Bancorporation (NYSE:WAL) Sees Large Decline in Short Interest

Tuesday, May 4, 2021 | MarketBeat

Western Alliance Bancorporation (NYSE:WAL) saw a large drop in short interest in April. As of April 15th, there was short interest totalling 1,790,000 shares, a drop of 15.2% from the March 31st total of 2,110,000 shares. Currently, 1.9% of the company's stock are short sold. Based on an average trading volume of 816,800 shares, the days-to-cover ratio is presently 2.2 days.

WAL has been the subject of a number of analyst reports. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $81.00 to $104.00 and gave the company an "overweight" rating in a research note on Wednesday, February 17th. DA Davidson raised their price objective on shares of Western Alliance Bancorporation from $70.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, January 25th. Royal Bank of Canada raised their price target on shares of Western Alliance Bancorporation from $104.00 to $115.00 and gave the company an "outperform" rating in a report on Monday, April 19th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a "hold" rating to a "buy" rating and set a $113.00 price target on the stock in a report on Friday, April 23rd. Finally, Citigroup raised their price target on shares of Western Alliance Bancorporation from $72.00 to $99.00 in a report on Wednesday, April 14th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company presently has an average rating of "Buy" and an average target price of $91.57.

In related news, Director Robert P. Latta sold 2,474 shares of the stock in a transaction dated Friday, March 5th. The shares were sold at an average price of $95.53, for a total value of $236,341.22. Following the completion of the transaction, the director now directly owns 3,074 shares in the company, valued at approximately $293,659.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.46% of the stock is owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in WAL. FMR LLC raised its position in shares of Western Alliance Bancorporation by 52.0% during the first quarter. FMR LLC now owns 451,964 shares of the financial services provider's stock valued at $18,549,000 after buying an additional 154,596 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Western Alliance Bancorporation by 5.7% during the third quarter. Great West Life Assurance Co. Can now owns 7,601 shares of the financial services provider's stock valued at $240,000 after buying an additional 408 shares during the last quarter. Townsquare Capital LLC raised its position in shares of Western Alliance Bancorporation by 3.3% during the third quarter. Townsquare Capital LLC now owns 7,299 shares of the financial services provider's stock valued at $255,000 after buying an additional 235 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Western Alliance Bancorporation by 29.6% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 39,140 shares of the financial services provider's stock valued at $1,238,000 after buying an additional 8,939 shares during the last quarter. Finally, Brinker Capital Investments LLC bought a new stake in shares of Western Alliance Bancorporation during the third quarter valued at approximately $1,914,000. Hedge funds and other institutional investors own 84.14% of the company's stock.

Shares of NYSE:WAL opened at $105.79 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.95 and a quick ratio of 0.95. Western Alliance Bancorporation has a 1-year low of $26.75 and a 1-year high of $109.84. The company has a market capitalization of $10.70 billion, a P/E ratio of 24.89 and a beta of 1.76. The firm's 50 day simple moving average is $98.05 and its two-hundred day simple moving average is $72.66.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Wednesday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.43. Western Alliance Bancorporation had a net margin of 32.82% and a return on equity of 14.37%. During the same quarter in the prior year, the company earned $0.83 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 3.88 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 28th. Stockholders of record on Friday, May 14th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, May 13th. Western Alliance Bancorporation's payout ratio is currently 20.66%.

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 in two segments, Commercial and Consumer Related. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; and treasury management and residential mortgage products and services.

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