Davis Asset Management L.P. Invests $274.22 Million in Western Alliance Bancorporation $WAL

Davis Asset Management L.P. bought a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) during the second quarter, Holdings Channel.com reports. The fund bought 3,336,000 shares of the financial services provider’s stock, valued at approximately $274,219,000. Western Alliance Bancorporation accounts for approximately 6.9% of Davis Asset Management L.P.’s investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Quadrant Capital Group LLC lifted its holdings in Western Alliance Bancorporation by 1.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider’s stock worth $505,000 after buying an additional 113 shares during the period. Fifth Third Wealth Advisors LLC grew its holdings in shares of Western Alliance Bancorporation by 4.2% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 134 shares during the period. Truist Financial Corp raised its position in shares of Western Alliance Bancorporation by 5.2% in the 4th quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider’s stock worth $261,000 after acquiring an additional 152 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Western Alliance Bancorporation by 39.3% in the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider’s stock valued at $47,000 after purchasing an additional 157 shares during the period. Finally, Arkadios Wealth Advisors lifted its stake in shares of Western Alliance Bancorporation by 2.4% in the 4th quarter. Arkadios Wealth Advisors now owns 8,134 shares of the financial services provider’s stock valued at $684,000 after purchasing an additional 187 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the company’s 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 transaction, the chief accounting officer owned 3,485 shares in the company, valued at approximately $282,285. This represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on WAL. DA Davidson set a $36.00 price target on Western Alliance Bancorporation in a research note on Wednesday, July 22nd. Truist Financial raised their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, July 27th. TD Cowen boosted their target price on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a “hold” rating in a report on Monday, July 27th. Stephens set a $95.00 target price on shares of Western Alliance Bancorporation and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Finally, UBS Group upped their target price on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $95.47.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $79.78 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The stock has a market cap of $8.70 billion, a P/E ratio of 8.98, a P/E/G ratio of 0.77 and a beta of 1.34. The business’s 50 day moving average price is $81.41 and its 200-day moving average price is $80.22. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted 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. The company had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the company earned $2.07 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be paid a $0.42 dividend. The ex-dividend date is Thursday, August 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation’s payout ratio is presently 18.92%.

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.