Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 2.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 14,439 shares of the financial services provider’s stock after selling 432 shares during the quarter. Victory Capital Management Inc.’s holdings in Western Alliance Bancorporation were worth $907,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth $27,000. GAMMA Investing LLC boosted its stake in shares of Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares in the last quarter. ORG Partners LLC bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth $36,000. Chilton Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth $54,000. Finally, Versant Capital Management Inc boosted its position in shares of Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after buying an additional 244 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 $87.69 on Friday. The firm has a market capitalization of $9.66 billion, a P/E ratio of 12.78, a price-to-earnings-growth ratio of 1.56 and a beta of 1.44. The stock’s 50 day moving average price is $78.38 and its two-hundred day moving average price is $66.96. 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 12-month low of $38.81 and a 12-month high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. During the same quarter last year, the firm posted $1.96 EPS. The company’s revenue was up 15.3% on a year-over-year basis. On average, equities analysts forecast that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s payout ratio is presently 21.57%.

Analyst Upgrades and Downgrades

WAL has been the subject of several recent analyst reports. Truist Financial raised their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. Barclays raised their price target on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Wells Fargo & Company raised their price target on Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Jefferies Financial Group raised their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Finally, Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.07.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation 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 sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation 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 sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction 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 sale, the director now directly owns 4,056 shares in the company, valued at approximately $335,634. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by corporate insiders.

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.