Legal & General Group Plc Sells 9,028 Shares of Western Alliance Bancorporation $WAL

Legal & General Group Plc decreased its holdings in Western Alliance Bancorporation (NYSE:WAL) by 5.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 155,389 shares of the financial services provider’s stock after selling 9,028 shares during the quarter. Legal & General Group Plc owned 0.14% of Western Alliance Bancorporation worth $13,064,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. NewEdge Advisors LLC grew its stake in shares of Western Alliance Bancorporation by 71.2% in the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after acquiring an additional 3,249 shares during the period. Jones Financial Companies Lllp lifted its position in Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,448 shares during the period. Goldman Sachs Group Inc. lifted its position in Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock valued at $8,596,000 after purchasing an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Western Alliance Bancorporation by 11.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock worth $26,701,000 after purchasing an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Western Alliance Bancorporation by 11.3% in the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock worth $547,000 after purchasing an additional 713 shares during the period. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $80.22 on Wednesday. The stock has a market cap of $8.76 billion, a P/E ratio of 9.34, a P/E/G ratio of 0.60 and a beta of 1.34. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.86. The stock’s fifty day moving average is $76.40 and its 200 day moving average is $81.71. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The business had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. During the same quarter in the previous year, the company posted $1.79 earnings per share. Western Alliance Bancorporation’s revenue for the quarter was up 31.0% on a year-over-year basis. Sell-side analysts anticipate that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation’s dividend payout ratio is currently 19.56%.

Wall Street Analysts Forecast Growth

WAL has been the topic of several research analyst reports. Piper Sandler lowered their price target on Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $83.00 to $79.00 in a report on Monday, March 9th. Keefe, Bruyette & Woods upped their price objective on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Citigroup lowered their target price on Western Alliance Bancorporation from $103.00 to $96.00 and set a “buy” rating on the stock in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $92.93.

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.