Principal Financial Group Inc. Cuts Position in Western Alliance Bancorporation (NYSE:WAL)

Principal Financial Group Inc. reduced its stake in shares of Western Alliance Bancorporation (NYSE:WALFree Report) by 19.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,799 shares of the financial services provider’s stock after selling 1,693 shares during the period. Principal Financial Group Inc.’s holdings in Western Alliance Bancorporation were worth $447,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WAL. Parkside Financial Bank & Trust increased its stake in Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Western Alliance Bancorporation during the 4th quarter worth $65,000. Fortitude Family Office LLC purchased a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth about $93,000. Busey Bank acquired a new stake in Western Alliance Bancorporation in the 4th quarter valued at about $202,000. Finally, Buckley Wealth Management LLC purchased a new position in Western Alliance Bancorporation during the 4th quarter valued at about $207,000. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the sale, the chief accounting officer now owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $59.64 on Wednesday. The company has a market cap of $6.57 billion, a PE ratio of 8.69, a P/E/G ratio of 1.19 and a beta of 1.46. Western Alliance Bancorporation has a fifty-two week low of $34.45 and a fifty-two week high of $70.23. The firm has a 50-day simple moving average of $60.99 and a 200 day simple moving average of $60.46. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WALGet Free Report) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. During the same period in the prior year, the firm earned $2.30 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Wall Street Analysts Forecast Growth

WAL has been the topic of several recent research reports. Barclays reduced their price target on shares of Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating on the stock in a report on Tuesday, April 23rd. Wells Fargo & Company cut their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. Keefe, Bruyette & Woods decreased their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating on the stock in a research note on Monday, April 22nd. DA Davidson cut their target price on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Finally, Stephens restated an “overweight” rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $72.47.

View Our Latest Stock Report on WAL

Western Alliance Bancorporation Company Profile

(Free Report)

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

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