Private Advisor Group LLC Raises Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Private Advisor Group LLC grew its stake in Western Alliance Bancorporation (NYSE:WAL) by 130.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,736 shares of the financial services provider’s stock after buying an additional 6,649 shares during the period. Private Advisor Group LLC’s holdings in Western Alliance Bancorporation were worth $772,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Parkside Financial Bank & Trust boosted its stake in Western Alliance Bancorporation by 422.2% in the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at about $65,000. Fortitude Family Office LLC purchased a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $93,000. Busey Bank acquired a new position in Western Alliance Bancorporation during the fourth quarter worth approximately $202,000. Finally, Buckley Wealth Management LLC acquired a new position in Western Alliance Bancorporation during the fourth quarter worth approximately $207,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Royal Bank of Canada lowered their target price on shares of Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. Citigroup lifted their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Truist Financial dropped their price target on Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Keefe, Bruyette & Woods reduced their target price on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, April 22nd. Finally, Stephens reissued an “overweight” rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.47.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $64.99 on Friday. The firm has a market capitalization of $7.16 billion, a price-to-earnings ratio of 9.47 and a beta of 1.47. The company has a 50 day moving average price of $60.31 and a 200 day moving average price of $58.87. Western Alliance Bancorporation has a one year low of $32.70 and a one year high of $70.23. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data 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. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same period in the prior year, the firm posted $2.30 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Thursday, May 16th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.28%. The ex-dividend date is Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

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.