Cincinnati Financial Corp Takes Position in Western Alliance Bancorporation $WAL

Cincinnati Financial Corp bought a new position in shares of Western Alliance Bancorporation (NYSE:WAL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 50,000 shares of the financial services provider’s stock, valued at approximately $3,899,000.

Several other institutional investors also recently bought and sold shares of WAL. WCM Investment Management LLC boosted its holdings in shares of Western Alliance Bancorporation by 5.4% in the 2nd quarter. WCM Investment Management LLC now owns 234,809 shares of the financial services provider’s stock valued at $18,226,000 after purchasing an additional 12,116 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Western Alliance Bancorporation by 0.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock worth $180,394,000 after buying an additional 20,704 shares during the period. Russell Investments Group Ltd. boosted its holdings in Western Alliance Bancorporation by 16.8% in the first quarter. Russell Investments Group Ltd. now owns 34,078 shares of the financial services provider’s stock valued at $2,618,000 after acquiring an additional 4,895 shares during the last quarter. Cetera Investment Advisers grew its position in Western Alliance Bancorporation by 27.6% during the first quarter. Cetera Investment Advisers now owns 6,304 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 1,364 shares during the period. Finally, Invesco Ltd. increased its stake 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 worth $466,821,000 after acquiring an additional 339,758 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Western Alliance Bancorporation news, CFO Dale Gibbons purchased 4,000 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average price of $77.00 per share, for a total transaction of $308,000.00. Following the completion of the purchase, the chief financial officer owned 300,358 shares in the company, valued at $23,127,566. The trade was a 1.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.68% of the company’s stock.

Western Alliance Bancorporation Trading Up 1.5%

WAL opened at $79.89 on Friday. The firm has a market capitalization of $8.79 billion, a P/E ratio of 9.88, a P/E/G ratio of 0.52 and a beta of 1.45. The firm’s 50 day moving average is $83.56 and its 200-day moving average is $79.91. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share for the quarter. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. The business had revenue of $718.00 million during the quarter. Analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Thursday, November 13th will be paid a dividend of $0.42 per share. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Thursday, November 13th. Western Alliance Bancorporation’s payout ratio is 20.77%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Western Alliance Bancorporation from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Cowen assumed coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Truist Financial boosted their price objective on shares of Western Alliance Bancorporation from $92.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Keefe, Bruyette & Woods cut their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Thursday, October 23rd. Finally, UBS Group decreased their price target on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set a “buy” rating for the company in a research report on Wednesday. Thirteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $100.53.

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.