Western Alliance Bancorporation $WAL Shares Sold by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC reduced its holdings in Western Alliance Bancorporation (NYSE:WAL) by 51.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,095 shares of the financial services provider’s stock after selling 6,376 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Western Alliance Bancorporation were worth $529,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC purchased a new stake in Western Alliance Bancorporation during the third quarter valued at about $26,000. Quent Capital LLC purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth about $26,000. Salomon & Ludwin LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth $27,000. Hantz Financial Services Inc. lifted its position in shares of Western Alliance Bancorporation by 995.8% in the second quarter. Hantz Financial Services Inc. now owns 526 shares of the financial services provider’s stock worth $41,000 after buying an additional 478 shares during the last quarter. Finally, Byrne Asset Management LLC acquired a new position in Western Alliance Bancorporation during the third quarter valued at approximately $47,000. 79.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group reissued a “buy” rating and issued a $107.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, January 6th. Truist Financial set a $98.00 price objective on Western Alliance Bancorporation in a report on Friday, January 9th. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Cowen initiated coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, September 24th. They set a “buy” rating for the company. Finally, TD Cowen reduced their price target on shares of Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Wednesday, January 7th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $102.20.

Western Alliance Bancorporation Price Performance

Shares of WAL stock opened at $88.48 on Tuesday. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $94.40. 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 firm’s 50 day moving average is $84.20 and its 200-day moving average is $83.50. The firm has a market capitalization of $9.74 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 0.54 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Tuesday, October 21st. The financial services provider reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.17. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. The firm had revenue of $841.30 million during the quarter, compared to analysts’ expectations of $891.04 million. During the same quarter in the previous year, the company posted $1.80 EPS. Western Alliance Bancorporation’s revenue was up 14.0% on a year-over-year basis. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company 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. The ex-dividend date was Thursday, November 13th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Western Alliance Bancorporation’s dividend payout ratio is presently 20.77%.

Insider Activity

In other news, CFO Dale Gibbons purchased 4,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $23,127,566. The trade was a 1.35% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.75% of the stock is owned by company insiders.

About Western Alliance Bancorporation

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.