Western Alliance Bancorporation (NYSE:WAL) Sees Large Decrease in Short Interest

Western Alliance Bancorporation (NYSE:WAL) was the target of a significant decrease in short interest in the month of March. As of March 31st, there was short interest totalling 4,250,000 shares, a decrease of 18.9% from the March 15th total of 5,240,000 shares. Based on an average daily trading volume, of 1,310,000 shares, the short-interest ratio is presently 3.2 days. Approximately 4.0% of the company’s shares are short sold.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in Western Alliance Bancorporation in the fourth quarter worth approximately $109,298,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Western Alliance Bancorporation by 55.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock worth $151,604,000 after buying an additional 648,983 shares during the last quarter. Principal Financial Group Inc. lifted its position in Western Alliance Bancorporation by 6,342.7% in the 3rd quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock valued at $44,522,000 after acquiring an additional 506,778 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider’s stock worth $195,616,000 after purchasing an additional 445,176 shares in the last quarter. Finally, Bank of Montreal Can lifted its holdings in shares of Western Alliance Bancorporation by 973.1% in the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider’s stock valued at $35,239,000 after purchasing an additional 382,513 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of WAL traded down $0.92 during trading hours on Monday, hitting $65.40. 1,184,148 shares of the company were exchanged, compared to its average volume of 1,208,149. Western Alliance Bancorporation has a fifty-two week low of $56.70 and a fifty-two week high of $98.10. The firm’s fifty day moving average is $76.59 and its 200 day moving average is $83.89. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The company has a market cap of $7.22 billion, a price-to-earnings ratio of 9.21, a P/E/G ratio of 0.63 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.01). Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same quarter last year, the business posted $1.72 EPS. On average, equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.52 dividend on an annualized basis and a yield of 2.32%. Western Alliance Bancorporation’s dividend payout ratio is currently 21.41%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WAL shares. DA Davidson decreased their target price on Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. JPMorgan Chase & Co. decreased their target price on 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. Piper Sandler upped their price target 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. Wells Fargo & Company cut their price target on Western Alliance Bancorporation from $95.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, Barclays reduced their price target on Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus target price of $96.40.

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.