Stanley Capital Management LLC Takes Position in Western Alliance Bancorporation (NYSE:WAL)

Stanley Capital Management LLC purchased a new position in shares of Western Alliance Bancorporation (NYSE:WAL) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 155,000 shares of the financial services provider’s stock, valued at approximately $9,737,000. Western Alliance Bancorporation makes up approximately 2.0% of Stanley Capital Management LLC’s holdings, making the stock its 25th largest position.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at $67,758,000. Cincinnati Insurance Co. bought a new position in Western Alliance Bancorporation in the first quarter valued at about $46,538,000. LHM Inc. increased its position in Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock worth $47,606,000 after purchasing an additional 723,995 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Western Alliance Bancorporation by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock worth $328,165,000 after purchasing an additional 717,242 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Western Alliance Bancorporation by 20.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after purchasing an additional 636,577 shares during the period. Institutional investors own 79.15% of the company’s stock.

Insider Activity

In related news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares in the company, valued at $650,843.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total transaction of $387,500.10. Following the transaction, the insider now owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The disclosure for this sale can be found here. Insiders have sold 21,265 shares of company stock worth $1,700,391 over the last ninety days. Insiders own 2.75% of the company’s stock.

Analysts Set New Price Targets

WAL has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Deutsche Bank Aktiengesellschaft increased their price target on Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. Truist Financial upped their price objective on Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. Finally, Bank of America upped their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $85.07.

Western Alliance Bancorporation Trading Down 1.6 %

WAL opened at $86.33 on Tuesday. The stock has a market capitalization of $9.51 billion, a P/E ratio of 12.58, a P/E/G ratio of 1.56 and a beta of 1.44. The company has a current ratio of 0.88, a quick ratio of 0.85 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. The firm’s fifty day simple moving average is $78.71 and its 200 day simple moving average is $67.24.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results 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 company had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.96 earnings per share. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.4 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders 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 yield of 1.71%. The ex-dividend date was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

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.