Jennison Associates LLC Has $77.93 Million Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Jennison Associates LLC grew its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 111.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,184,458 shares of the financial services provider's stock after acquiring an additional 624,957 shares during the quarter. Jennison Associates LLC owned about 1.08% of Western Alliance Bancorporation worth $77,925,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in WAL. WCM Investment Management LLC acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $12,387,000. Smead Capital Management Inc. acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $77,957,000. Strs Ohio increased its holdings in shares of Western Alliance Bancorporation by 35.3% in the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider's stock valued at $5,697,000 after purchasing an additional 22,600 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Western Alliance Bancorporation by 170.4% in the third quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider's stock valued at $59,507,000 after purchasing an additional 815,737 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its holdings in shares of Western Alliance Bancorporation by 16.7% in the third quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider's stock valued at $551,000 after purchasing an additional 1,713 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Up 1.9 %

NYSE WAL traded up $1.14 during trading on Tuesday, reaching $59.81. 991,356 shares of the company's stock were exchanged, compared to its average volume of 1,468,170. The stock has a market cap of $6.59 billion, a P/E ratio of 8.81 and a beta of 1.47. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company has a 50 day moving average price of $59.41 and a two-hundred day moving average price of $56.71. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping analysts' consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same quarter in the previous year, the firm earned $2.30 earnings per share. On average, equities research analysts anticipate that Western Alliance Bancorporation will post 7.87 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. Stockholders of record on Friday, February 16th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 21.57%.

Wall Street Analyst Weigh In

WAL has been the subject of several recent research reports. Royal Bank of Canada cut their price target on Western Alliance Bancorporation from $78.00 to $76.00 and set an "outperform" rating for the company in a report on Monday. Jefferies Financial Group cut their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, April 8th. Truist Financial cut their target price on Western Alliance Bancorporation from $80.00 to $75.00 and set a "buy" rating for the company in a research note on Monday. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 10th. Finally, Barclays lowered their price target on Western Alliance Bancorporation from $91.00 to $86.00 and set an "overweight" rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $70.56.

Western Alliance Bancorporation 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.