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Bank of New York Mellon Corp lessened its holdings in Western Alliance Bancorporation (NYSE:WAL – Free Report) by 1.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 968,210 shares of the financial services provider’s stock after selling 11,889 shares during the quarter. Bank of New York Mellon Corp owned 0.88% of Western Alliance Bancorporation worth $74,388,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in WAL. Smartleaf Asset Management LLC grew its holdings in shares of Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 117 shares during the last quarter. SBI Securities Co. Ltd. bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth about $26,000. Victory Capital Management Inc. grew its holdings in shares of Western Alliance Bancorporation by 66.2% in the 4th quarter. Victory Capital Management Inc. now owns 30,079 shares of the financial services provider’s stock worth $2,513,000 after purchasing an additional 11,978 shares during the last quarter. Atria Investments Inc grew its holdings in shares of Western Alliance Bancorporation by 2.2% in the 4th quarter. Atria Investments Inc now owns 10,927 shares of the financial services provider’s stock worth $913,000 after purchasing an additional 240 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth about $7,377,000. Institutional investors own 79.15% of the company’s stock.
Analysts Set New Price Targets
WAL has been the topic of several analyst reports. JPMorgan Chase & Co. upped their target price on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Stephens reiterated an “overweight” rating and set a $92.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Wednesday, May 21st. Citigroup upped their price target on shares of Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Finally, Jefferies Financial Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They set a “buy” rating and a $95.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.21.
Get Our Latest Analysis on Western Alliance Bancorporation
Western Alliance Bancorporation Stock Performance
Western Alliance Bancorporation stock opened at $85.16 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.83 and a debt-to-equity ratio of 0.73. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The company has a market cap of $9.40 billion, a PE ratio of 11.68, a PEG ratio of 0.64 and a beta of 1.29. The company’s 50-day moving average is $75.85 and its two-hundred day moving average is $78.32.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. The company had revenue of $790.10 million for the quarter, compared to the consensus estimate of $792.25 million. During the same period in the prior year, the company posted $1.72 EPS. Equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.
Western Alliance Bancorporation Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.78%. Western Alliance Bancorporation’s dividend payout ratio is 20.85%.
About Western Alliance Bancorporation
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.
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