Legato Capital Management LLC Acquires 6,832 Shares of Western Alliance Bancorporation $WAL

Legato Capital Management LLC boosted its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 71.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,432 shares of the financial services provider’s stock after acquiring an additional 6,832 shares during the period. Legato Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $1,425,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Halbert Hargrove Global Advisors LLC bought a new position in Western Alliance Bancorporation in the 3rd quarter worth about $26,000. Quent Capital LLC bought a new position in Western Alliance Bancorporation in the 3rd quarter valued at approximately $26,000. Salomon & Ludwin LLC purchased a new stake in Western Alliance Bancorporation during the 3rd quarter valued at $27,000. Root Financial Partners LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth $27,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of Western Alliance Bancorporation by 113.0% during the third quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider’s stock valued at $39,000 after buying an additional 235 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WAL has been the subject of several research reports. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, January 9th. iA Financial set a $101.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. DA Davidson raised their price objective on shares of Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $105.00 target price (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Finally, UBS Group set a $106.00 price target on Western Alliance Bancorporation in a research report on Wednesday, February 4th. Eleven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.73.

Western Alliance Bancorporation Stock Down 2.3%

WAL opened at $79.54 on Wednesday. The company has a market capitalization of $8.74 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 0.69 and a beta of 1.34. The firm has a 50-day simple moving average of $89.05 and a two-hundred day simple moving average of $85.36. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The firm had revenue of $980.90 million during the quarter, compared to analyst estimates of $912.69 million. During the same period last year, the firm posted $1.95 earnings per share. Western Alliance Bancorporation’s revenue for the quarter was up 17.0% compared to the same quarter last year. Analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 20th will be issued a $0.42 dividend. The ex-dividend date is Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. Western Alliance Bancorporation’s payout ratio is 19.24%.

Western Alliance Bancorporation Company Profile

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.