Citigroup Inc. Reduces Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Citigroup Inc. decreased its position in Western Alliance Bancorporation (NYSE:WAL) by 17.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,954 shares of the financial services provider’s stock after selling 25,844 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Western Alliance Bancorporation worth $10,548,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Blue Trust Inc. lifted its position in shares of Western Alliance Bancorporation by 58.4% in the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 187 shares during the period. Versant Capital Management Inc raised its position in shares of Western Alliance Bancorporation by 26.5% in 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. UMB Bank n.a. lifted its stake in shares of Western Alliance Bancorporation by 136.8% in the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after buying an additional 249 shares in the last quarter. Signaturefd LLC lifted its position in Western Alliance Bancorporation by 18.7% in the 3rd quarter. Signaturefd LLC now owns 1,598 shares of the financial services provider’s stock valued at $138,000 after acquiring an additional 252 shares in the last quarter. Finally, Wedmont Private Capital boosted its position in shares of Western Alliance Bancorporation by 5.7% during the third quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider’s stock valued at $429,000 after buying an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Trading Down 0.6 %

WAL stock opened at $93.50 on Friday. The firm’s 50-day moving average is $87.57 and its 200 day moving average is $76.38. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 12 month low of $47.60 and a 12 month high of $98.10. The company has a market capitalization of $10.29 billion, a PE ratio of 14.43, a P/E/G ratio of 1.48 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. On average, research analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.63%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 23.46%.

Analyst Ratings Changes

WAL has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Truist Financial lowered their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. JPMorgan Chase & Co. dropped their price objective on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Finally, Barclays increased their target price on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.73.

Insider Activity

In other news, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was 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 owns 4,056 shares of the company’s stock, valued at $335,634. This trade represents a 42.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.75% of the company’s stock.

About Western Alliance Bancorporation

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.