Western Alliance Bancorporation (NYSE:WAL) Holdings Decreased by Jennison Associates LLC

Jennison Associates LLC reduced its holdings in Western Alliance Bancorporation (NYSE:WAL) by 55.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 633,163 shares of the financial services provider’s stock after selling 799,012 shares during the period. Jennison Associates LLC’s holdings in Western Alliance Bancorporation were worth $54,762,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Western Alliance Bancorporation in the first quarter worth approximately $27,000. Russell Investments Group Ltd. increased its stake in Western Alliance Bancorporation by 0.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after buying an additional 164 shares during the period. Vanguard Group Inc. lifted its position in Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after buying an additional 395,101 shares in the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the 1st quarter valued at $217,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of Western Alliance Bancorporation by 7.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 48,803 shares of the financial services provider’s stock valued at $3,131,000 after acquiring an additional 3,221 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Piper Sandler cut their price objective on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Stephens reiterated an “overweight” rating and issued a $102.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Finally, Wedbush increased their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $92.73.

Insider Activity at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the transaction, the director now directly owns 4,056 shares in the company, valued at $335,634. This represents a 42.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at $650,843.43. This represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. 2.75% of the stock is owned by company insiders.

Western Alliance Bancorporation Trading Down 0.0 %

WAL opened at $89.12 on Thursday. Western Alliance Bancorporation has a 1-year low of $47.60 and a 1-year high of $96.45. The firm has a 50-day moving average price of $86.31 and a two-hundred day moving average price of $75.18. The stock has a market capitalization of $9.81 billion, a PE ratio of 13.75, a PEG ratio of 1.40 and a beta of 1.44. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). The company had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio is 23.46%.

About Western Alliance Bancorporation

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.