Western Alliance Bancorporation $WAL Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 2.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 919,424 shares of the financial services provider’s stock after acquiring an additional 19,057 shares during the period. Bank of New York Mellon Corp owned about 0.84% of Western Alliance Bancorporation worth $77,296,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Thompson Siegel & Walmsley LLC grew its stake in shares of Western Alliance Bancorporation by 1.2% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 77,342 shares of the financial services provider’s stock valued at $6,502,000 after acquiring an additional 954 shares in the last quarter. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at about $125,482,000. Intech Investment Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at about $3,131,000. Clearstead Advisors LLC grew its stake in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its stake in Western Alliance Bancorporation by 64.8% in the fourth quarter. Hantz Financial Services Inc. now owns 2,607 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 1,025 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WAL has been the subject of a number of research reports. Piper Sandler decreased their price target on Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Jefferies Financial Group reiterated an “overweight” rating and issued a $105.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. JPMorgan Chase & Co. decreased their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Barclays decreased their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Finally, National Alliance Securities reiterated a “buy” rating on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.93.

Western Alliance Bancorporation Stock Performance

WAL opened at $81.78 on Wednesday. The business’s 50 day moving average is $77.73 and its 200-day moving average is $81.86. The stock has a market cap of $8.93 billion, a PE ratio of 9.52, a price-to-earnings-growth ratio of 0.61 and a beta of 1.34. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. The company had revenue of $968.40 million for the quarter, compared to analysts’ expectations of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The business’s revenue for the quarter was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.79 earnings per share. On average, analysts predict that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation’s payout ratio is presently 19.56%.

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.