Miller Value Partners LLC Buys New Position in Western Alliance Bancorporation $WAL

Miller Value Partners LLC bought a new stake in Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 41,755 shares of the financial services provider’s stock, valued at approximately $3,432,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of WAL. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $26,000. Clearstead Advisors LLC increased its stake in Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after buying an additional 243 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Western Alliance Bancorporation during the 4th quarter worth approximately $38,000. Compound Global Advisors LLC acquired a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $41,000. Finally, Leonteq Securities AG acquired a new stake in Western Alliance Bancorporation during the 4th quarter worth approximately $44,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction on Monday, June 8th. The stock was 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 of the company’s stock, valued at $282,285. This represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.76% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Stifel Nicolaus set a $95.00 price objective on Western Alliance Bancorporation in a research note on Thursday, July 23rd. Wells Fargo & Company lifted their target price on Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an “equal weight” rating in a report on Monday, August 10th. Citigroup boosted their target price on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Western Alliance Bancorporation in a research note on Friday. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.47.

Western Alliance Bancorporation Stock Up 1.7%

Shares of Western Alliance Bancorporation stock opened at $79.73 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company has a market capitalization of $8.70 billion, a P/E ratio of 8.98, a P/E/G ratio of 0.76 and a beta of 1.34. The company has a 50 day moving average of $81.31 and a 200 day moving average of $79.98.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 EPS 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 company had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same period in the prior year, the firm posted $2.07 EPS. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. As a group, research analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

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

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.