Boothbay Fund Management LLC Invests $5.43 Million in Western Alliance Bancorporation $WAL

Boothbay Fund Management LLC acquired a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 62,625 shares of the financial services provider’s stock, valued at approximately $5,431,000. Boothbay Fund Management LLC owned about 0.06% of Western Alliance Bancorporation as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Algert Global LLC boosted its stake in shares of Western Alliance Bancorporation by 37.0% in the 3rd quarter. Algert Global LLC now owns 52,073 shares of the financial services provider’s stock worth $4,516,000 after buying an additional 14,050 shares during the last quarter. Ameriprise Financial Inc. increased its position in Western Alliance Bancorporation by 1.4% during the third quarter. Ameriprise Financial Inc. now owns 489,847 shares of the financial services provider’s stock valued at $42,480,000 after acquiring an additional 6,562 shares during the last quarter. Creative Planning lifted its holdings in Western Alliance Bancorporation by 24.9% in the third quarter. Creative Planning now owns 10,906 shares of the financial services provider’s stock valued at $946,000 after acquiring an additional 2,176 shares during the period. Lazard Asset Management LLC boosted its position in Western Alliance Bancorporation by 200.5% in the third quarter. Lazard Asset Management LLC now owns 21,275 shares of the financial services provider’s stock worth $1,845,000 after purchasing an additional 14,196 shares during the last quarter. Finally, Raymond James Financial Inc. grew its stake in shares of Western Alliance Bancorporation by 27.8% during the 3rd quarter. Raymond James Financial Inc. now owns 47,988 shares of the financial services provider’s stock valued at $4,162,000 after purchasing an additional 10,427 shares during the period. Institutional investors own 79.15% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. National Alliance Securities reaffirmed a “buy” rating on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. Wells Fargo & Company upgraded shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their target price for the company from $83.00 to $79.00 in a research report on Monday, March 9th. Jefferies Financial Group reaffirmed an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research note on Wednesday, January 28th. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $99.40.

Western Alliance Bancorporation Trading Down 0.2%

Shares of NYSE:WAL opened at $67.96 on Monday. The stock has a 50 day moving average of $87.14 and a 200 day moving average of $84.72. The company has a market cap of $7.47 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 0.59 and a beta of 1.34. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $97.23. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company had revenue of $890.80 million for the quarter, compared to analysts’ expectations of $912.69 million. During the same quarter last year, the business earned $1.95 EPS. The firm’s revenue was up 17.0% compared to the same quarter last year. As a group, equities research analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 20th were given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 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.