Charles Schwab Investment Management Inc. Cuts Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Charles Schwab Investment Management Inc. trimmed its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 0.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 964,235 shares of the financial services provider’s stock after selling 5,073 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.87% of Western Alliance Bancorporation worth $74,082,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Point72 Europe London LLP grew its holdings in Western Alliance Bancorporation by 6.6% during the 4th quarter. Point72 Europe London LLP now owns 90,643 shares of the financial services provider’s stock valued at $7,572,000 after purchasing an additional 5,643 shares in the last quarter. Nicholas Investment Partners LP grew its holdings in Western Alliance Bancorporation by 12.7% during the 4th quarter. Nicholas Investment Partners LP now owns 174,582 shares of the financial services provider’s stock valued at $14,585,000 after purchasing an additional 19,639 shares in the last quarter. GAMMA Investing LLC grew its holdings in Western Alliance Bancorporation by 53.3% during the 1st quarter. GAMMA Investing LLC now owns 2,181 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 758 shares in the last quarter. New York State Teachers Retirement System grew its holdings in Western Alliance Bancorporation by 24.9% during the 1st quarter. New York State Teachers Retirement System now owns 25,387 shares of the financial services provider’s stock valued at $1,950,000 after purchasing an additional 5,056 shares in the last quarter. Finally, Focus Partners Wealth grew its holdings in Western Alliance Bancorporation by 5.2% during the 4th quarter. Focus Partners Wealth now owns 99,080 shares of the financial services provider’s stock valued at $8,277,000 after purchasing an additional 4,909 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the transaction, the insider directly owned 24,759 shares of the company’s stock, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.68% of the company’s stock.

Western Alliance Bancorporation Trading Up 2.5%

NYSE WAL opened at $84.80 on Thursday. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The company has a 50-day simple moving average of $79.00 and a 200-day simple moving average of $77.59. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market capitalization of $9.36 billion, a PE ratio of 11.14, a price-to-earnings-growth ratio of 0.57 and a beta of 1.33.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The business had revenue of $836.21 million during the quarter, compared to analyst estimates of $838.58 million. During the same period in the previous year, the business posted $1.75 EPS. On average, equities analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, August 14th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.52 annualized dividend and a dividend yield of 1.8%. Western Alliance Bancorporation’s payout ratio is 19.97%.

Wall Street Analyst Weigh In

WAL has been the subject of a number of recent analyst reports. Piper Sandler raised their price target on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 21st. JPMorgan Chase & Co. raised their price target on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Truist Financial decreased their price objective on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating for the company in a report on Monday, July 21st. Barclays raised their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a “buy” rating and a $95.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $96.62.

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.