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

Rakuten Securities Inc. trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 55.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 400 shares of the financial services provider’s stock after selling 500 shares during the quarter. Rakuten Securities Inc.’s holdings in Western Alliance Bancorporation were worth $35,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation during the first quarter valued at approximately $27,000. V Square Quantitative Management LLC purchased a new stake in Western Alliance Bancorporation during the 3rd quarter valued at $31,000. ORG Wealth Partners LLC bought a new stake in Western Alliance Bancorporation in the third quarter worth $33,000. ORG Partners LLC purchased a new position in Western Alliance Bancorporation during the second quarter worth $36,000. Finally, UMB Bank n.a. increased its position in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 249 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $93.01 on Wednesday. The firm has a market cap of $10.24 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.47 and a beta of 1.44. Western Alliance Bancorporation has a 52-week low of $43.20 and a 52-week high of $96.45. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The company’s 50 day moving average is $84.79 and its 200 day moving average is $73.73.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The company had revenue of $833.10 million during the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.13 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.63%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 22.84%.

Insider Activity

In related news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the transaction, the director now owns 4,056 shares in the company, valued at $335,634. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the sale, the insider now owns 7,977 shares in the company, valued at approximately $650,843.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert P. Latta sold 2,996 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on WAL. Piper Sandler lowered their target price on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Bank of America upped their target price 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. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Barclays upped their price objective 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. Finally, JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.73.

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.