PNC Financial Services Group Inc. Decreases Stock Position in Western Alliance Bancorporation (NYSE:WAL)

PNC Financial Services Group Inc. cut its position in Western Alliance Bancorporation (NYSE:WAL) by 31.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,601 shares of the financial services provider’s stock after selling 2,545 shares during the period. PNC Financial Services Group Inc.’s holdings in Western Alliance Bancorporation were worth $430,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WAL. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock valued at $151,604,000 after purchasing an additional 648,983 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Western Alliance Bancorporation by 23.5% in the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider’s stock valued at $195,616,000 after purchasing an additional 445,176 shares during the period. Global Frontier Investments LLC acquired a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at about $23,809,000. Voya Investment Management LLC increased its holdings in shares of Western Alliance Bancorporation by 64.3% in the fourth quarter. Voya Investment Management LLC now owns 548,213 shares of the financial services provider’s stock valued at $45,798,000 after purchasing an additional 214,612 shares during the period. Finally, Barclays PLC increased its holdings in shares of Western Alliance Bancorporation by 167.1% in the fourth quarter. Barclays PLC now owns 329,603 shares of the financial services provider’s stock valued at $27,536,000 after purchasing an additional 206,191 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WAL has been the topic of a number of research reports. Truist Financial cut their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, July 21st. Wall Street Zen raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 21st. Citigroup raised their target price on Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Finally, Jefferies Financial Group assumed coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a “buy” rating and a $95.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.62.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the transaction, the insider owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.68% of the stock is currently owned by company insiders.

Western Alliance Bancorporation Stock Down 0.9%

Shares of WAL opened at $83.98 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10. The stock’s 50 day moving average is $79.23 and its two-hundred day moving average is $77.52. The firm has a market cap of $9.27 billion, a P/E ratio of 11.04, a PEG ratio of 0.59 and a beta of 1.33.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data 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 return on equity of 12.62% and a net margin of 16.39%. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same period last year, the company earned $1.75 earnings per share. Analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

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

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.