Envestnet Asset Management Inc. Increases Stock Position in Western Alliance Bancorporation $WAL

Envestnet Asset Management Inc. lifted its position in Western Alliance Bancorporation (NYSE:WAL) by 17.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 55,153 shares of the financial services provider’s stock after purchasing an additional 8,144 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Western Alliance Bancorporation were worth $4,783,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WAL. Halbert Hargrove Global Advisors LLC purchased a new stake in Western Alliance Bancorporation during the third quarter valued at $26,000. Quent Capital LLC bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth about $26,000. Salomon & Ludwin LLC bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth about $27,000. Root Financial Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at about $27,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Western Alliance Bancorporation by 995.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 526 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 478 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. UBS Group set a $106.00 price target on Western Alliance Bancorporation in a report on Wednesday, February 4th. DA Davidson lifted their price target on shares of Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Citigroup increased their price objective on shares of Western Alliance Bancorporation from $104.00 to $107.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Keefe, Bruyette & Woods upped their target price on Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an “outperform” rating in a research note on Wednesday, January 28th. Finally, iA Financial set a $101.00 price objective on Western Alliance Bancorporation in a report on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $103.73.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $93.28 on Monday. The company has a market cap of $10.27 billion, a PE ratio of 10.69, a P/E/G ratio of 0.79 and a beta of 1.37. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $97.23. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.79 and a current ratio of 0.83. The business has a 50-day simple moving average of $89.24 and a two-hundred day simple moving average of $85.17.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. The business had revenue of $980.90 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The business’s quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the company posted $1.95 earnings per share. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 19.24%.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.