Allspring Global Investments Holdings LLC Cuts Holdings in Western Alliance Bancorporation (NYSE:WAL)

Allspring Global Investments Holdings LLC lowered its holdings in Western Alliance Bancorporation (NYSE:WALGet Rating) by 54.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 50,108 shares of the financial services provider’s stock after selling 60,427 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Western Alliance Bancorporation were worth $3,294,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of Western Alliance Bancorporation by 5.9% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 14,481,293 shares of the financial services provider’s stock valued at $1,022,379,000 after acquiring an additional 808,692 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 9,361,098 shares of the financial services provider’s stock valued at $775,286,000 after acquiring an additional 347,525 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Western Alliance Bancorporation by 21.5% in the 1st quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock valued at $411,724,000 after acquiring an additional 880,430 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Western Alliance Bancorporation by 18.8% in the 2nd quarter. Clearbridge Investments LLC now owns 3,207,019 shares of the financial services provider’s stock valued at $226,416,000 after acquiring an additional 506,706 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Western Alliance Bancorporation by 4.7% in the 1st quarter. State Street Corp now owns 2,857,144 shares of the financial services provider’s stock valued at $236,629,000 after acquiring an additional 127,683 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Western Alliance Bancorporation Stock Down 0.0 %

Western Alliance Bancorporation stock opened at $64.58 on Wednesday. Western Alliance Bancorporation has a twelve month low of $54.86 and a twelve month high of $122.34. The stock has a 50 day moving average of $63.77 and a two-hundred day moving average of $69.61. The company has a current ratio of 1.00, a quick ratio of 0.96 and a debt-to-equity ratio of 1.53. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 6.91, a PEG ratio of 0.59 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WALGet Rating) last posted its quarterly earnings data on Thursday, October 20th. The financial services provider reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.60 by ($0.18). The company had revenue of $663.90 million for the quarter, compared to analyst estimates of $687.13 million. Western Alliance Bancorporation had a return on equity of 21.50% and a net margin of 37.86%. The firm’s revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.30 earnings per share. As a group, research analysts expect that Western Alliance Bancorporation will post 9.74 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 2nd. Stockholders of record on Friday, November 18th were issued a $0.36 dividend. The ex-dividend date was Thursday, November 17th. This represents a $1.44 annualized dividend and a dividend yield of 2.23%. Western Alliance Bancorporation’s dividend payout ratio is currently 15.40%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WAL shares. Wells Fargo & Company dropped their price objective on Western Alliance Bancorporation from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, October 24th. JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $89.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, December 13th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, January 10th. Truist Financial decreased their target price on Western Alliance Bancorporation from $95.00 to $86.00 in a research report on Monday, October 24th. Finally, Wedbush decreased their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Monday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $86.86.

Western Alliance Bancorporation Company Profile

(Get Rating)

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.

See Also

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Institutional Ownership by Quarter for Western Alliance Bancorporation (NYSE:WAL)

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