Smead Capital Management Inc. Makes New $77.96 Million Investment in Western Alliance Bancorporation (NYSE:WAL)

Smead Capital Management Inc. purchased a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,184,936 shares of the financial services provider's stock, valued at approximately $77,957,000. Western Alliance Bancorporation comprises 1.4% of Smead Capital Management Inc.'s investment portfolio, making the stock its 23rd biggest position. Smead Capital Management Inc. owned approximately 1.08% of Western Alliance Bancorporation at the end of the most recent quarter.

Several other large investors have also modified their holdings of WAL. Harbour Investments Inc. grew its position in shares of Western Alliance Bancorporation by 400.7% in the first quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 557 shares during the last quarter. Lazard Asset Management LLC purchased a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $28,000. State of Wyoming lifted its stake in shares of Western Alliance Bancorporation by 54.7% during the second quarter. State of Wyoming now owns 783 shares of the financial services provider's stock valued at $29,000 after buying an additional 277 shares during the period. Advisory Services Network LLC lifted its stake in shares of Western Alliance Bancorporation by 118.2% during the first quarter. Advisory Services Network LLC now owns 993 shares of the financial services provider's stock valued at $35,000 after buying an additional 538 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Western Alliance Bancorporation during the third quarter valued at approximately $43,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on WAL. Truist Financial reissued a "buy" rating and set a $80.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. Barclays assumed coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an "overweight" rating and a $91.00 price objective on the stock. DA Davidson reaffirmed a "buy" rating and set a $85.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, March 21st. JPMorgan Chase & Co. cut their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "overweight" rating on the stock in a research note on Thursday, April 4th. Finally, Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and an average target price of $66.60.

Western Alliance Bancorporation Trading Up 0.5 %

Shares of WAL stock traded up $0.29 during mid-day trading on Thursday, reaching $55.78. The company's stock had a trading volume of 1,039,327 shares, compared to its average volume of 1,439,719. The company's 50 day simple moving average is $59.64 and its 200-day simple moving average is $56.32. The firm has a market capitalization of $6.15 billion, a PE ratio of 8.53 and a beta of 1.47. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing analysts' consensus estimates of $1.93 by ($0.02). The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $705.97 million. Western Alliance Bancorporation had a net margin of 16.74% and a return on equity of 16.33%. During the same period in the previous year, the business posted $2.67 earnings per share. On average, research analysts predict that Western Alliance Bancorporation will post 7.88 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation's payout ratio is 22.63%.

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.