Palouse Capital Management Inc. Grows Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Palouse Capital Management Inc. lifted its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 66.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,973 shares of the financial services provider’s stock after purchasing an additional 789 shares during the period. Palouse Capital Management Inc.’s holdings in Western Alliance Bancorporation were worth $124,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Vanguard Personalized Indexing Management LLC grew its holdings in Western Alliance Bancorporation by 20.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 6,166 shares of the financial services provider’s stock valued at $406,000 after buying an additional 1,027 shares in the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $351,000. Brown Advisory Inc. acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth about $988,000. Norges Bank purchased a new position in Western Alliance Bancorporation during the fourth quarter worth about $67,758,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Western Alliance Bancorporation in the 4th quarter valued at about $917,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $84.85 on Thursday. The firm has a 50 day moving average of $77.54 and a two-hundred day moving average of $66.58. The stock has a market capitalization of $9.34 billion, a PE ratio of 12.37, a P/E/G ratio of 1.56 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $86.84.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The business had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter last year, the business posted $1.96 EPS. The business’s quarterly revenue was up 15.3% compared to the same quarter last year. On average, research analysts predict that Western Alliance Bancorporation will post 7.4 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.74%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares in the company, valued at $267,344. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,265 shares of company stock valued at $1,700,391. Insiders own 2.75% of the company’s stock.

Analyst Ratings Changes

WAL has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Truist Financial upped their price target on Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised their price objective on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada upped their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Finally, StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $84.27.

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.