Legal & General Group Plc Makes New Investment in Western Alliance Bancorporation $WAL

Legal & General Group Plc bought a new stake in Western Alliance Bancorporation (NYSE:WAL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 135,860 shares of the financial services provider’s stock, valued at approximately $11,168,000. Legal & General Group Plc owned approximately 0.12% of Western Alliance Bancorporation at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Western Alliance Bancorporation in the 2nd quarter valued at $174,329,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Western Alliance Bancorporation during the second quarter worth $1,877,000. Independent Financial Group LLC acquired a new stake in shares of Western Alliance Bancorporation in the first quarter valued at about $924,000. Hsbc Holdings PLC lifted its stake in shares of 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 worth $3,409,000 after buying an additional 41,786 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Western Alliance Bancorporation by 2,313.2% during 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 last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Alliance Bancorporation

In related 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 owned 3,485 shares in the company, valued at approximately $282,285. This trade represents a 63.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.76% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial raised their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Citigroup raised their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. lifted their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Finally, Piper Sandler lifted their price target on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average target price of $95.47.

Western Alliance Bancorporation Stock Down 0.4%

Shares of NYSE:WAL opened at $78.19 on Tuesday. The company has a market capitalization of $8.53 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 0.76 and a beta of 1.34. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The business has a 50-day moving average price of $81.28 and a 200 day moving average price of $79.55. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts’ consensus estimates of $2.36. The company had revenue of $995.70 million for the quarter, compared to analysts’ expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. Western Alliance Bancorporation’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.07 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

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