Bank of America Corp DE Sells 351,097 Shares of Western Alliance Bancorporation (NYSE:WAL)

Bank of America Corp DE cut its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 60.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 225,148 shares of the financial services provider’s stock after selling 351,097 shares during the quarter. Bank of America Corp DE owned 0.20% of Western Alliance Bancorporation worth $18,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 117 shares during the last quarter. Fifth Third Bancorp raised its position in Western Alliance Bancorporation by 70.1% during the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 136 shares during the last quarter. Allworth Financial LP lifted its holdings in Western Alliance Bancorporation by 115.6% in the 4th quarter. Allworth Financial LP now owns 401 shares of the financial services provider’s stock worth $37,000 after buying an additional 215 shares during the period. Finally, Atala Financial Inc bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $44,000. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $75.58 on Wednesday. Western Alliance Bancorporation has a fifty-two week low of $56.70 and a fifty-two week high of $98.10. The firm’s 50-day simple moving average is $71.90 and its two-hundred day simple moving average is $82.01. The stock has a market cap of $8.34 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 0.63 and a beta of 1.30. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. The company had revenue of $790.10 million for the quarter, compared to the consensus estimate of $792.25 million. During the same quarter in the prior year, the business posted $1.72 EPS. Analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be paid a $0.38 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.01%. Western Alliance Bancorporation’s dividend payout ratio is currently 20.85%.

Analysts Set New Price Targets

A number of brokerages recently commented on WAL. Wells Fargo & Company decreased their target price on Western Alliance Bancorporation from $95.00 to $80.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Royal Bank of Canada decreased their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an “outperform” rating for the company in a report on Wednesday, April 23rd. Stephens reaffirmed an “overweight” rating and set a $92.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Truist Financial started coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, May 13th. They issued a “buy” rating and a $92.00 price target for the company. Finally, Barclays lowered their price objective on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.38.

About Western Alliance Bancorporation

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.