Western Alliance Bancorporation (NYSE:WAL) Shares Bought by Van ECK Associates Corp

Posted by Defense World Staff on May 18th, 2023

Van ECK Associates Corp boosted its position in shares of Western Alliance Bancorporation (NYSE:WAL – Get Rating) by 14.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,559 shares of the financial services provider’s stock after buying an additional 440 shares during the quarter. Van ECK Associates Corp’s holdings in Western Alliance Bancorporation were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of WAL. Vanguard Group Inc. grew its holdings in 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 buying an additional 347,525 shares during the last quarter. Wellington Management Group LLP increased its holdings in Western Alliance Bancorporation by 21.5% in the first quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock valued at $411,724,000 after purchasing an additional 880,430 shares during the last quarter. BlackRock Inc. increased its holdings in Western Alliance Bancorporation by 0.8% in the third quarter. BlackRock Inc. now owns 4,512,815 shares of the financial services provider’s stock valued at $296,673,000 after purchasing an additional 34,763 shares during the last quarter. State Street Corp grew its stake in Western Alliance Bancorporation by 4.7% in the first 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 period. Finally, Clearbridge Investments LLC boosted its position in shares of Western Alliance Bancorporation by 5.2% during the first quarter. Clearbridge Investments LLC now owns 2,700,313 shares of the financial services provider’s stock worth $223,640,000 after buying an additional 133,345 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Western Alliance Bancorporation Stock Up 10.2 %

Shares of WAL stock opened at $34.81 on Thursday. The stock has a market cap of $3.81 billion, a P/E ratio of 3.97, a PEG ratio of 0.38 and a beta of 1.36. Western Alliance Bancorporation has a 52 week low of $7.46 and a 52 week high of $86.87. The company has a quick ratio of 1.05, a current ratio of 1.19 and a debt-to-equity ratio of 3.20. The company’s fifty day simple moving average is $33.44 and its two-hundred day simple moving average is $55.75.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last announced its quarterly earnings results on Wednesday, April 19th. The financial services provider reported $2.30 EPS for the quarter, missing the consensus estimate of $2.31 by ($0.01). The company had revenue of $910.90 million during the quarter, compared to analysts’ expectations of $648.39 million. Western Alliance Bancorporation had a return on equity of 21.73% and a net margin of 28.75%. During the same quarter in the previous year, the firm earned $2.22 EPS. Analysts predict that Western Alliance Bancorporation will post 8.12 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 26th. Stockholders of record on Friday, May 12th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.14%. The ex-dividend date of this dividend is Thursday, May 11th. Western Alliance Bancorporation’s dividend payout ratio is 16.44%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on WAL. Keefe, Bruyette & Woods dropped their price objective on Western Alliance Bancorporation from $85.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Wedbush raised Western Alliance Bancorporation from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $38.00 to $50.00 in a research report on Wednesday, April 19th. Hovde Group lowered their price objective on Western Alliance Bancorporation from $65.00 to $55.00 in a research report on Thursday, April 6th. StockNews.com initiated coverage on Western Alliance Bancorporation in a research note on Thursday. They set a “sell” rating for the company. Finally, DA Davidson lowered their price target on shares of Western Alliance Bancorporation from $77.00 to $57.50 and set a “buy” rating on the stock in a report on Thursday, April 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average target price of $59.25.

Insider Activity

In other news, insider Tim R. Bruckner sold 1,750 shares of the company’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $73.16, for a total transaction of $128,030.00. Following the sale, the insider now directly owns 20,244 shares in the company, valued at approximately $1,481,051.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Tim R. Bruckner sold 1,750 shares of the company’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $73.16, for a total transaction of $128,030.00. Following the sale, the insider now directly owns 20,244 shares in the company, valued at approximately $1,481,051.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marianne Boyd Johnson purchased 2,475 shares of the business’s stock in a transaction that occurred on Monday, March 13th. The shares were purchased at an average price of $25.79 per share, for a total transaction of $63,830.25. Following the completion of the acquisition, the director now directly owns 2,475 shares in the company, valued at approximately $63,830.25. The disclosure for this purchase can be found here. Corporate insiders own 2.57% of the company’s stock.

Western Alliance Bancorporation Profile

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.