Cibc World Market Inc. Takes Position in Western Alliance Bancorporation $WAL

Cibc World Market Inc. bought a new position in Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, HoldingsChannel reports. The fund bought 25,500 shares of the financial services provider’s stock, valued at approximately $2,096,000.

A number of other institutional investors and hedge funds have also modified their holdings of WAL. Sanctuary Advisors LLC acquired a new position in Western Alliance Bancorporation during the second quarter valued at $910,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Western Alliance Bancorporation in the 2nd quarter worth about $174,329,000. S&G Foundation acquired a new stake in Western Alliance Bancorporation during the 2nd quarter worth about $30,877,000. Davis Asset Management L.P. purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $274,219,000. Finally, Commerce Bank purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $2,542,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Analyst Ratings Changes

WAL has been the topic of a number of research reports. DA Davidson set a $36.00 target price on Western Alliance Bancorporation in a report on Wednesday, July 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a report on Friday, August 21st. Truist Financial boosted their price objective on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Finally, TD Cowen increased their target price on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday, July 27th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.47.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $79.65 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The stock’s 50-day moving average is $81.34 and its two-hundred day moving average is $79.90. The firm has a market cap of $8.69 billion, a P/E ratio of 8.97, a PEG ratio of 0.77 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.36. The company had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the business earned $2.07 EPS. Analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be given a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.