Rafferty Asset Management LLC Has $21.05 Million Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Rafferty Asset Management LLC increased its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 34.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 252,005 shares of the financial services provider's stock after acquiring an additional 64,393 shares during the period. Rafferty Asset Management LLC owned approximately 0.23% of Western Alliance Bancorporation worth $21,052,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Point72 Europe London LLP increased its stake in Western Alliance Bancorporation by 6.6% during the 4th quarter. Point72 Europe London LLP now owns 90,643 shares of the financial services provider's stock valued at $7,572,000 after buying an additional 5,643 shares during the period. Nicholas Investment Partners LP increased its stake in Western Alliance Bancorporation by 12.7% during the 4th quarter. Nicholas Investment Partners LP now owns 174,582 shares of the financial services provider's stock valued at $14,585,000 after buying an additional 19,639 shares during the period. New York State Common Retirement Fund increased its stake in Western Alliance Bancorporation by 9.3% during the 4th quarter. New York State Common Retirement Fund now owns 96,839 shares of the financial services provider's stock valued at $8,090,000 after buying an additional 8,201 shares during the period. Norden Group LLC acquired a new position in Western Alliance Bancorporation during the 4th quarter valued at about $727,000. Finally, Focus Partners Wealth increased its stake in Western Alliance Bancorporation by 5.2% during the 4th quarter. Focus Partners Wealth now owns 99,080 shares of the financial services provider's stock valued at $8,277,000 after buying an additional 4,909 shares during the period. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

WAL traded down $0.79 during trading on Monday, reaching $77.34. 744,556 shares of the company's stock were exchanged, compared to its average volume of 1,223,227. Western Alliance Bancorporation has a fifty-two week low of $56.70 and a fifty-two week high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The business has a 50 day moving average price of $71.85 and a 200 day moving average price of $82.10. The company has a market capitalization of $8.54 billion, a P/E ratio of 10.89, a PEG ratio of 0.63 and a beta of 1.30.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating the consensus estimate of $1.78 by $0.01. The company had revenue of $790.10 million for the quarter, compared to the consensus estimate of $792.25 million. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. During the same quarter in the previous year, the company earned $1.72 EPS. As a group, analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 30th. Shareholders of record on Thursday, May 15th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.97%. Western Alliance Bancorporation's dividend payout ratio is currently 20.85%.

Analysts Set New Price Targets

WAL has been the topic of several research analyst reports. Royal Bank of Canada lowered their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 23rd. Truist Financial initiated coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, May 13th. They set a "buy" rating and a $92.00 target price on the stock. Piper Sandler raised their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Barclays reduced their price objective on shares of 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. Finally, Stephens restated an "overweight" rating and set a $92.00 price objective on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $96.38.

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.