Wellington Management Group LLP Cuts Holdings in Western Alliance Bancorporation (NYSE:WAL)

Wellington Management Group LLP lowered its holdings in Western Alliance Bancorporation (NYSE:WAL) by 13.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,028,681 shares of the financial services provider’s stock after selling 304,224 shares during the quarter. Wellington Management Group LLP owned 1.84% of Western Alliance Bancorporation worth $169,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Retirement Systems of Alabama purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth about $11,461,000. Franklin Resources Inc. grew its stake in shares of Western Alliance Bancorporation by 17.0% in the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock worth $27,970,000 after acquiring an additional 45,764 shares during the period. New York State Common Retirement Fund grew its stake in shares of Western Alliance Bancorporation by 9.3% in the fourth quarter. New York State Common Retirement Fund now owns 96,839 shares of the financial services provider’s stock worth $8,090,000 after acquiring an additional 8,201 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Western Alliance Bancorporation by 1,091.8% during the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock valued at $2,947,000 after purchasing an additional 31,214 shares during the last quarter. Finally, Norden Group LLC bought a new position in Western Alliance Bancorporation during the fourth quarter valued at approximately $727,000. 79.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

WAL has been the subject of a number of research analyst reports. Wells Fargo & Company cut their target price on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. StockNews.com upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Tuesday, February 25th. UBS Group began coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a “buy” rating and a $115.00 target price on the stock. Piper Sandler boosted their price target on Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, January 28th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $98.07.

Western Alliance Bancorporation Trading Up 2.6 %

Shares of WAL stock opened at $77.71 on Thursday. The stock has a fifty day simple moving average of $83.56 and a two-hundred day simple moving average of $85.90. Western Alliance Bancorporation has a 52-week low of $53.75 and a 52-week high of $98.10. The firm has a market capitalization of $8.58 billion, a PE ratio of 10.95, a PEG ratio of 0.63 and a beta of 1.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. On average, analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, February 14th. This represents a $1.52 annualized dividend and a yield of 1.96%. Western Alliance Bancorporation’s payout ratio is 21.41%.

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.