Tower Research Capital LLC TRC Reduces Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Tower Research Capital LLC TRC cut its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 70.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,526 shares of the financial services provider’s stock after selling 10,651 shares during the period. Tower Research Capital LLC TRC’s holdings in Western Alliance Bancorporation were worth $161,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WAL. Cetera Advisor Networks LLC grew its position in shares of Western Alliance Bancorporation by 5.2% during the first quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider’s stock worth $413,000 after acquiring an additional 247 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Western Alliance Bancorporation during the first quarter worth approximately $504,000. MetLife Investment Management LLC purchased a new position in shares of Western Alliance Bancorporation during the first quarter worth approximately $374,000. Dimensional Fund Advisors LP grew its position in shares of Western Alliance Bancorporation by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,071,776 shares of the financial services provider’s stock worth $88,776,000 after acquiring an additional 4,468 shares during the last quarter. Finally, Sei Investments Co. grew its position in Western Alliance Bancorporation by 13.8% in the 1st quarter. Sei Investments Co. now owns 126,197 shares of the financial services provider’s stock valued at $10,440,000 after buying an additional 15,297 shares during the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

WAL has been the topic of a number of analyst reports. DA Davidson lifted their price objective on shares of Western Alliance Bancorporation from $52.00 to $64.00 and gave the company a “buy” rating in a research report on Thursday, July 20th. Piper Sandler reiterated an “overweight” rating and issued a $60.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, August 25th. Bank of America initiated coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, May 16th. They issued a “buy” rating and a $42.00 price objective on the stock. StockNews.com assumed coverage on shares of Western Alliance Bancorporation in a research report on Thursday, August 17th. They issued a “sell” rating on the stock. Finally, JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $53.00 to $60.00 in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.43.

Western Alliance Bancorporation Trading Up 1.2 %

NYSE:WAL opened at $50.38 on Wednesday. The company has a market capitalization of $5.52 billion, a PE ratio of 6.05, a price-to-earnings-growth ratio of 0.60 and a beta of 1.42. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.94. Western Alliance Bancorporation has a 52-week low of $7.46 and a 52-week high of $81.17. The stock has a fifty day simple moving average of $45.13 and a 200-day simple moving average of $43.36.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $1.97 by ($0.01). The company had revenue of $669.30 million for the quarter, compared to analysts’ expectations of $657.14 million. Western Alliance Bancorporation had a return on equity of 20.09% and a net margin of 24.19%. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.39 EPS. On average, equities research analysts expect that Western Alliance Bancorporation will post 8.11 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date was Thursday, August 10th. Western Alliance Bancorporation’s dividend payout ratio is presently 17.29%.

Western Alliance Bancorporation Company 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 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.