Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC trimmed its position in Western Alliance Bancorporation (NYSE:WAL) by 29.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,452 shares of the financial services provider’s stock after selling 14,567 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Western Alliance Bancorporation were worth $2,211,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of WAL. PNC Financial Services Group Inc. lifted its holdings in Western Alliance Bancorporation by 120.6% in the third quarter. PNC Financial Services Group Inc. now owns 3,959 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 2,164 shares during the period. FMR LLC boosted its stake in shares of Western Alliance Bancorporation by 39.6% in the third quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock worth $63,068,000 after acquiring an additional 389,327 shares during the last quarter. LPL Financial LLC raised its stake in Western Alliance Bancorporation by 5.6% in the 3rd quarter. LPL Financial LLC now owns 130,266 shares of the financial services provider’s stock valued at $5,988,000 after purchasing an additional 6,957 shares during the last quarter. Northern Trust Corp raised its position in shares of Western Alliance Bancorporation by 4.4% in the third quarter. Northern Trust Corp now owns 552,131 shares of the financial services provider’s stock valued at $25,381,000 after buying an additional 23,041 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new position in Western Alliance Bancorporation during the third quarter worth about $6,333,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Up 0.5 %

Shares of WAL traded up $0.33 during mid-day trading on Monday, reaching $63.15. The company’s stock had a trading volume of 359,655 shares, compared to its average volume of 1,213,016. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.90 and a quick ratio of 0.87. Western Alliance Bancorporation has a 12-month low of $35.67 and a 12-month high of $70.23. The company’s 50 day moving average is $61.09 and its 200 day moving average is $61.38. The stock has a market cap of $6.95 billion, a PE ratio of 9.16, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. During the same period in the previous year, the company earned $2.30 earnings per share. Equities analysts anticipate that Western Alliance Bancorporation will post 7.42 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were issued a $0.37 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.34%. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insider Buying and Selling

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total transaction of $64,200.00. Following the completion of the sale, the chief accounting officer now owns 5,636 shares in the company, valued at $361,831.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.75% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on WAL. Wells Fargo & Company lowered their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday. Hovde Group began coverage on Western Alliance Bancorporation in a report on Monday, April 22nd. They set an “outperform” rating and a $75.00 price target for the company. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.71.

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.