Congress Asset Management Co. Buys 27,329 Shares of Western Alliance Bancorporation $WAL

Congress Asset Management Co. grew its position in Western Alliance Bancorporation (NYSE:WAL) by 14.5% during the third quarter, HoldingsChannel reports. The firm owned 215,419 shares of the financial services provider’s stock after buying an additional 27,329 shares during the quarter. Congress Asset Management Co.’s holdings in Western Alliance Bancorporation were worth $18,681,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of WAL. William Blair Investment Management LLC grew its stake in Western Alliance Bancorporation by 0.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock valued at $180,394,000 after buying an additional 20,704 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Western Alliance Bancorporation by 5.4% during the second quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider’s stock valued at $158,755,000 after acquiring an additional 104,182 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Western Alliance Bancorporation by 3.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,971,205 shares of the financial services provider’s stock valued at $153,715,000 after purchasing an additional 62,202 shares during the last quarter. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $137,289,000. Finally, Smead Capital Management Inc. increased its stake in shares of Western Alliance Bancorporation by 19.2% in the second quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider’s stock worth $111,921,000 after purchasing an additional 231,159 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

WAL opened at $86.22 on Monday. The stock’s 50 day simple moving average is $80.14 and its 200-day simple moving average is $81.77. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.61. The stock has a market cap of $9.49 billion, a PE ratio of 10.66, a P/E/G ratio of 0.60 and a beta of 1.37. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $94.40.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Wednesday, February 14th. The financial services provider reported $1.91 EPS for the quarter. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%.The firm had revenue of $718.00 million during the quarter. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Thursday, November 13th were given a dividend of $0.42 per share. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, November 13th. This represents a $1.68 annualized dividend and a dividend yield of 1.9%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 20.77%.

Analyst Ratings Changes

Several analysts recently weighed in on WAL shares. Wall Street Zen upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. upped their price target on Western Alliance Bancorporation from $100.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, October 1st. Truist Financial raised their price objective on shares of Western Alliance Bancorporation from $92.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Royal Bank Of Canada boosted their target price on shares of Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Finally, Citigroup reiterated a “neutral” rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 26th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $102.87.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CFO Dale Gibbons bought 4,000 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average price of $77.00 per share, with a total value of $308,000.00. Following the completion of the purchase, the chief financial officer directly owned 300,358 shares in the company, valued at $23,127,566. The trade was a 1.35% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.