Mirae Asset Global Investments Co. Ltd. cut its position in shares of Western Alliance Bancorporation (NYSE:WAL – Get Rating) by 4.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 78,864 shares of the financial services provider’s stock after selling 3,600 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.07% of Western Alliance Bancorporation worth $6,532,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of WAL. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Western Alliance Bancorporation in the 4th quarter worth $206,000. Rhumbline Advisers grew its holdings in shares of Western Alliance Bancorporation by 2.2% in the 4th quarter. Rhumbline Advisers now owns 107,415 shares of the financial services provider’s stock worth $11,563,000 after acquiring an additional 2,263 shares during the last quarter. Ensign Peak Advisors Inc grew its holdings in shares of Western Alliance Bancorporation by 66.7% in the 4th quarter. Ensign Peak Advisors Inc now owns 19,610 shares of the financial services provider’s stock worth $2,111,000 after acquiring an additional 7,845 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Western Alliance Bancorporation by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 882,166 shares of the financial services provider’s stock worth $94,965,000 after acquiring an additional 11,412 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Western Alliance Bancorporation in the 4th quarter worth $12,542,000. 80.76% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Western Alliance Bancorporation news, Director Donald D. Snyder sold 4,500 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $78.36, for a total value of $352,620.00. Following the completion of the sale, the director now owns 94,359 shares of the company’s stock, valued at $7,393,971.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.57% of the company’s stock.
Western Alliance Bancorporation Price Performance
Western Alliance Bancorporation (NYSE:WAL – Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The financial services provider reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.09. Western Alliance Bancorporation had a return on equity of 21.55% and a net margin of 40.16%. The company had revenue of $628.20 million during the quarter, compared to analysts’ expectations of $585.26 million. During the same quarter in the previous year, the firm earned $2.29 earnings per share. Analysts forecast that Western Alliance Bancorporation will post 10.03 EPS for the current fiscal year.
Western Alliance Bancorporation Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were given a $0.36 dividend. The ex-dividend date was Thursday, August 11th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 1.99%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.35. Western Alliance Bancorporation’s payout ratio is currently 15.64%.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on WAL. Jefferies Financial Group decreased their target price on Western Alliance Bancorporation from $108.00 to $92.00 in a report on Monday, July 11th. DA Davidson lowered their price target on Western Alliance Bancorporation to $100.00 in a report on Monday, July 25th. Wedbush lifted their price target on Western Alliance Bancorporation to $85.00 in a report on Friday, July 22nd. Finally, Truist Financial lowered their price target on Western Alliance Bancorporation to $95.00 in a report on Tuesday, July 26th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.86.
Western Alliance Bancorporation 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 in Commercial, Consumer Related, and Corporate & Other 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; and treasury management and residential mortgage products and services.
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