Western Alliance Bancorporation (NYSE:WAL) Position Trimmed by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury lowered its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 10.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,950 shares of the financial services provider's stock after selling 5,391 shares during the period. State of Tennessee Department of Treasury's holdings in Western Alliance Bancorporation were worth $3,672,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new position in Western Alliance Bancorporation in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its position in Western Alliance Bancorporation by 56.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 117 shares in the last quarter. Fifth Third Bancorp grew its position in Western Alliance Bancorporation by 70.1% in the fourth quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 136 shares in the last quarter. Allworth Financial LP grew its position in Western Alliance Bancorporation by 115.6% in the fourth quarter. Allworth Financial LP now owns 401 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 215 shares in the last quarter. Finally, Atala Financial Inc acquired a new stake in Western Alliance Bancorporation in the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL traded up $1.45 during midday trading on Thursday, reaching $71.16. 528,538 shares of the company traded hands, compared to its average volume of 1,278,753. Western Alliance Bancorporation has a 52 week low of $56.70 and a 52 week high of $98.10. The stock has a 50-day moving average price of $73.36 and a 200 day moving average price of $83.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The company has a market cap of $7.87 billion, a price-to-earnings ratio of 10.02, a PEG ratio of 0.63 and a beta of 1.29.

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

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.38 per share. The ex-dividend date was Friday, February 14th. This represents a $1.52 annualized dividend and a dividend yield of 2.14%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 20.85%.

Wall Street Analyst Weigh In

WAL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. StockNews.com raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Tuesday, February 25th. Piper Sandler raised their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Royal Bank of Canada decreased their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Finally, Barclays decreased 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 report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $96.62.

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.