The Manufacturers Life Insurance Company Sells 203,823 Shares of Western Alliance Bancorporation $WAL

The Manufacturers Life Insurance Company lessened its holdings in Western Alliance Bancorporation (NYSE:WAL) by 72.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,515 shares of the financial services provider’s stock after selling 203,823 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Western Alliance Bancorporation worth $5,492,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in WAL. M&T Bank Corp grew its position in Western Alliance Bancorporation by 7,920.9% during the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock valued at $26,535,000 after buying an additional 311,689 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Western Alliance Bancorporation by 2,313.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 18,895 shares of the financial services provider’s stock worth $1,589,000 after acquiring an additional 18,112 shares during the period. Independent Financial Group LLC purchased a new position in Western Alliance Bancorporation in the first quarter valued at about $924,000. Hsbc Holdings PLC boosted its stake in Western Alliance Bancorporation by 635.0% in the first quarter. Hsbc Holdings PLC now owns 48,366 shares of the financial services provider’s stock valued at $3,409,000 after acquiring an additional 41,786 shares during the last quarter. Finally, Oak Thistle LLC bought a new position in shares of Western Alliance Bancorporation during the 4th quarter valued at approximately $1,393,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $82.98 on Thursday. The stock has a market capitalization of $9.05 billion, a P/E ratio of 9.34, a PEG ratio of 0.81 and a beta of 1.34. The company has a current ratio of 0.86, a quick ratio of 0.80 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average is $81.26 and its 200 day moving average is $80.82. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same period in the previous year, the business earned $2.07 EPS. Western Alliance Bancorporation’s revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on WAL. Citigroup raised their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. UBS Group increased their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Monday, April 27th. TD Cowen raised their target price on Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, July 27th. DA Davidson set a $36.00 target price on Western Alliance Bancorporation in a research note on Wednesday, July 22nd. Finally, Weiss Ratings raised Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.82.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.76% of the company’s stock.

Western Alliance Bancorporation Profile

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.