Western Alliance Bancorporation (NYSE:WAL) Holdings Cut by Truist Financial Corp

Truist Financial Corp cut its stake in Western Alliance Bancorporation (NYSE:WAL) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,484 shares of the financial services provider’s stock after selling 893 shares during the quarter. Truist Financial Corp’s holdings in Western Alliance Bancorporation were worth $596,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in Western Alliance Bancorporation in the first quarter valued at about $27,000. GAMMA Investing LLC raised its position in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares in the last quarter. ORG Partners LLC acquired a new stake in Western Alliance Bancorporation in the second quarter valued at approximately $36,000. Chilton Capital Management LLC bought a new stake in Western Alliance Bancorporation in the second quarter worth approximately $54,000. Finally, Versant Capital Management Inc increased its stake in shares of Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 244 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction dated 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 owns 4,056 shares of the company’s stock, valued at $335,634. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,265 shares of company stock valued at $1,700,391. Insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Up 2.3 %

Shares of WAL opened at $90.88 on Wednesday. The company has a 50-day simple moving average of $81.58 and a 200-day simple moving average of $70.04. The firm has a market capitalization of $10.01 billion, a P/E ratio of 13.25, a P/E/G ratio of 1.29 and a beta of 1.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $92.73.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The business had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.96 earnings per share. On average, equities research analysts expect that Western Alliance Bancorporation will post 7.42 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Wedbush upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Bank of America upped their price objective 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. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Wells Fargo & Company upped their price objective on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Finally, Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.53.

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.