Western Alliance Bancorporation $WAL Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in Western Alliance Bancorporation (NYSE:WAL) by 2.1% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 919,424 shares of the financial services provider’s stock after buying an additional 19,057 shares during the quarter. Bank of New York Mellon Corp’s holdings in Western Alliance Bancorporation were worth $77,296,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearstead Advisors LLC grew its position 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 purchasing an additional 243 shares in the last quarter. Community Bank N.A. purchased a new position in Western Alliance Bancorporation during the 3rd quarter worth approximately $37,000. Smartleaf Asset Management LLC grew its position in Western Alliance Bancorporation by 113.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Leonteq Securities AG purchased a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC purchased a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $45,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on WAL shares. UBS Group lifted their target price on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $83.00 to $79.00 in a research note on Monday, March 9th. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. TD Cowen lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday, March 9th. Finally, Piper Sandler decreased their target price on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $92.93.

Western Alliance Bancorporation Stock Up 2.2%

Western Alliance Bancorporation stock opened at $81.78 on Wednesday. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 9.52, a P/E/G ratio of 0.61 and a beta of 1.34. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The firm has a fifty day moving average price of $77.73 and a two-hundred day moving average price of $81.86.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.48 by $0.74. The firm had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The business’s revenue was up 31.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.79 EPS. As a group, analysts forecast that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were paid a $0.42 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation’s payout ratio is presently 19.56%.

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.