DnB Asset Management AS Purchases 36,984 Shares of Western Alliance Bancorporation (NYSE:WAL)

DnB Asset Management AS grew its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 23.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 192,687 shares of the financial services provider’s stock after buying an additional 36,984 shares during the quarter. DnB Asset Management AS owned 0.18% of Western Alliance Bancorporation worth $16,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of WAL. Cerity Partners LLC purchased a new position in Western Alliance Bancorporation in the third quarter worth $463,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Western Alliance Bancorporation by 20.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 630,700 shares of the financial services provider’s stock worth $54,549,000 after buying an additional 107,275 shares during the last quarter. FMR LLC grew its position in Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after buying an additional 1,347,921 shares during the period. Brooklyn Investment Group bought a new stake in Western Alliance Bancorporation in the third quarter worth about $86,000. Finally, BNP Paribas Financial Markets boosted its stake in Western Alliance Bancorporation by 1,091.8% in the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock valued at $2,947,000 after acquiring an additional 31,214 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WAL shares. JPMorgan Chase & Co. decreased their price target on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. UBS Group assumed coverage on Western Alliance Bancorporation in a research report on Tuesday, December 17th. They set a “buy” rating and a $115.00 price target on the stock. DA Davidson cut their price target on Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company cut their target price on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and an average price target of $98.07.

Western Alliance Bancorporation Stock Down 2.3 %

Shares of NYSE WAL opened at $76.08 on Friday. The business has a 50-day moving average of $84.44 and a 200-day moving average of $85.92. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 0.63 and a beta of 1.43. 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 has a 12 month low of $53.75 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. Sell-side analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.00%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation’s payout ratio is currently 21.41%.

Western Alliance Bancorporation 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.