The Manufacturers Life Insurance Company Trims Stock Position in Western Alliance Bancorporation $WAL

The Manufacturers Life Insurance Company lessened its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 72.4% during the first quarter, HoldingsChannel.com reports. The fund owned 77,515 shares of the financial services provider’s stock after selling 203,823 shares during the period. The Manufacturers Life Insurance Company’s holdings in Western Alliance Bancorporation were worth $5,492,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Clearstead Advisors LLC boosted its holdings in Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 243 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth $38,000. Assetmark Inc. increased its holdings in shares of Western Alliance Bancorporation by 86.0% in the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 259 shares during the period. Leonteq Securities AG purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $44,000. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $45,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $82.98 on Thursday. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 9.34, a PEG ratio of 0.81 and a beta of 1.34. The business has a 50 day moving average of $81.26 and a 200 day moving average of $80.82. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.80. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts’ consensus estimates of $2.36. The business had revenue of $995.70 million for the quarter, compared to analysts’ expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the business earned $2.07 earnings per share. On average, sell-side analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 18.92%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on WAL shares. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Mizuho set a $96.00 price objective on Western Alliance Bancorporation in a report on Thursday, July 23rd. Truist Financial boosted their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Stephens set a $95.00 target price on shares of Western Alliance Bancorporation and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and a consensus target price of $94.82.

Insider Activity at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.76% of the company’s stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.