Cincinnati Specialty Underwriters Insurance CO Acquires Shares of 11,895 Western Alliance Bancorporation (NYSE:WAL)

Cincinnati Specialty Underwriters Insurance CO acquired a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 11,895 shares of the financial services provider’s stock, valued at approximately $764,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 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. AQR Capital Management LLC raised its position in shares of Western Alliance Bancorporation by 501.7% in the third quarter. AQR Capital Management LLC now owns 96,365 shares of the financial services provider’s stock valued at $4,430,000 after buying an additional 80,349 shares during the last quarter. Alps Advisors Inc. raised its position in shares of Western Alliance Bancorporation by 9.2% in the third quarter. Alps Advisors Inc. now owns 7,029 shares of the financial services provider’s stock valued at $323,000 after buying an additional 591 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in shares of Western Alliance Bancorporation in the third quarter valued at about $373,000. Finally, American Century Companies Inc. raised its position in shares of Western Alliance Bancorporation by 21.5% in the third quarter. American Century Companies Inc. now owns 315,299 shares of the financial services provider’s stock valued at $14,494,000 after buying an additional 55,743 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on WAL. JPMorgan Chase & Co. reduced their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group raised their price objective on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods cut their price objective 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. Hovde Group started coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They set an “outperform” rating and a $75.00 price objective for the company. Finally, Truist Financial cut their price objective on shares of Western Alliance Bancorporation from $75.00 to $74.00 and set a “buy” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.29.

Western Alliance Bancorporation Stock Up 2.1 %

Shares of NYSE WAL traded up $1.29 during midday trading on Tuesday, hitting $62.44. The company’s stock had a trading volume of 1,249,347 shares, compared to its average volume of 1,206,669. The business’s fifty day simple moving average is $61.71 and its two-hundred day simple moving average is $61.29. 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 1 year low of $37.25 and a 1 year high of $70.23. The firm has a market capitalization of $6.88 billion, a price-to-earnings ratio of 9.10, a price-to-earnings-growth ratio of 1.19 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. During the same quarter last year, the firm posted $2.30 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were paid a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a yield of 2.37%. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Insider Buying and Selling

In related news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the transaction, the chief accounting officer now owns 5,636 shares in the company, valued at $361,831.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.75% of the stock is owned by insiders.

Western Alliance Bancorporation 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.