Exchange Traded Concepts LLC Has $1.20 Million Stock Position in Western Alliance Bancorporation $WAL

Exchange Traded Concepts LLC reduced its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 1.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,333 shares of the financial services provider’s stock after selling 234 shares during the period. Exchange Traded Concepts LLC’s holdings in Western Alliance Bancorporation were worth $1,196,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WAL. Nuveen LLC bought a new position in Western Alliance Bancorporation during the first quarter valued at about $45,486,000. FJ Capital Management LLC raised its holdings in Western Alliance Bancorporation by 824.8% during the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider’s stock valued at $33,998,000 after buying an additional 394,660 shares in the last quarter. Invesco Ltd. raised its holdings in Western Alliance Bancorporation by 5.9% during the first quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider’s stock valued at $466,821,000 after buying an additional 339,758 shares in the last quarter. GAMMA Investing LLC raised its holdings in Western Alliance Bancorporation by 11,675.5% during the first quarter. GAMMA Investing LLC now owns 167,566 shares of the financial services provider’s stock valued at $12,874,000 after buying an additional 166,143 shares in the last quarter. Finally, Voya Investment Management LLC raised its holdings in Western Alliance Bancorporation by 23.4% during the first quarter. Voya Investment Management LLC now owns 676,575 shares of the financial services provider’s stock valued at $51,981,000 after buying an additional 128,362 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on WAL. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “equal weight” rating on the stock in a report on Monday, July 21st. JPMorgan Chase & Co. lifted their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. DA Davidson lifted their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 21st. Truist Financial dropped their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a research note on Monday, July 21st. Finally, Barclays lifted their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $97.79.

Western Alliance Bancorporation Stock Down 1.5%

Shares of WAL opened at $89.61 on Tuesday. The company has a market capitalization of $9.89 billion, a P/E ratio of 11.77, a PEG ratio of 0.63 and a beta of 1.39. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The business’s 50 day simple moving average is $84.56 and its 200-day simple moving average is $77.60.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 17th. The financial services provider reported $2.07 EPS for the quarter, topping the consensus estimate of $2.04 by $0.03. The business had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.During the same period in the previous year, the business earned $1.75 EPS. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation’s dividend payout ratio is 19.97%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction dated Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the completion of the transaction, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. This represents a 9.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation 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.