Western Alliance Bancorporation (NYSE:WAL) Short Interest Up 19.2% in August

Western Alliance Bancorporation (NYSE:WAL) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 8,880,000 shares, a growth of 19.2% from the August 15th total of 7,450,000 shares. Based on an average daily volume of 2,330,000 shares, the short-interest ratio is currently 3.8 days.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded down $1.03 during trading on Monday, hitting $47.59. 1,526,308 shares of the company were exchanged, compared to its average volume of 5,303,832. The company has a market cap of $5.21 billion, a PE ratio of 5.84, a P/E/G ratio of 0.60 and a beta of 1.42. Western Alliance Bancorporation has a 52-week low of $7.46 and a 52-week high of $81.17. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.04 and a quick ratio of 0.97. The stock has a 50 day moving average of $48.38 and a 200 day moving average of $41.06.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Wednesday, July 19th. The financial services provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.97 by ($0.01). The company had revenue of $669.30 million for the quarter, compared to analysts’ expectations of $657.14 million. Western Alliance Bancorporation had a return on equity of 20.09% and a net margin of 24.19%. The business’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period last year, the company posted $2.39 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 8.11 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, August 10th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 17.29%.

Institutional Trading of Western Alliance Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the company. Dechtman Wealth Management LLC bought a new position in shares of Western Alliance Bancorporation in the second quarter worth $327,000. Virginia Retirement Systems ET AL bought a new position in Western Alliance Bancorporation in the 2nd quarter worth about $1,685,000. Osaic Holdings Inc. raised its holdings in shares of Western Alliance Bancorporation by 216.1% in the 2nd quarter. Osaic Holdings Inc. now owns 20,617 shares of the financial services provider’s stock valued at $753,000 after acquiring an additional 14,095 shares in the last quarter. Nuveen Asset Management LLC boosted its position in shares of Western Alliance Bancorporation by 13.6% during the 2nd quarter. Nuveen Asset Management LLC now owns 310,320 shares of the financial services provider’s stock valued at $11,317,000 after acquiring an additional 37,165 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of Western Alliance Bancorporation by 24.5% during the second quarter. Alliancebernstein L.P. now owns 102,008 shares of the financial services provider’s stock worth $3,720,000 after purchasing an additional 20,053 shares in the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on WAL. Deutsche Bank Aktiengesellschaft began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, June 28th. They issued a “hold” rating and a $41.00 price objective for the company. JPMorgan Chase & Co. increased their price target on shares of Western Alliance Bancorporation from $53.00 to $60.00 in a research report on Thursday, July 20th. Truist Financial lifted their price objective on shares of Western Alliance Bancorporation from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Stephens reissued an “overweight” rating and set a $65.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, July 19th. Finally, Royal Bank of Canada lifted their price target on shares of Western Alliance Bancorporation from $55.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, July 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.43.

Western Alliance Bancorporation Company 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.