Maltese Capital Management LLC Trims Position in Western Alliance Bancorporation $WAL

Maltese Capital Management LLC lessened its holdings in Western Alliance Bancorporation (NYSE:WAL) by 67.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 60,000 shares of the financial services provider’s stock after selling 125,000 shares during the period. Maltese Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $5,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WAL. Quadrant Capital Group LLC boosted its stake in shares of Western Alliance Bancorporation by 1.9% during the 4th quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider’s stock worth $505,000 after acquiring an additional 113 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Western Alliance Bancorporation by 4.6% in the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock worth $255,000 after buying an additional 133 shares during the period. Truist Financial Corp increased its stake in Western Alliance Bancorporation by 5.2% in the 4th quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider’s stock worth $261,000 after buying an additional 152 shares in the last quarter. Allworth Financial LP raised its holdings in Western Alliance Bancorporation by 39.3% during the fourth quarter. Allworth Financial LP now owns 557 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 157 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Western Alliance Bancorporation by 6.1% in the 4th quarter. GAMMA Investing LLC now owns 2,732 shares of the financial services provider’s stock worth $230,000 after purchasing an additional 158 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Down 2.4%

NYSE:WAL opened at $81.69 on Tuesday. The stock has a fifty day simple moving average of $78.65 and a 200-day simple moving average of $81.96. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 0.64 and a beta of 1.34. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. The company 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 firm’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter last year, the business posted $1.79 EPS. Analysts anticipate that Western Alliance Bancorporation will post 9.8 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, May 14th. Western Alliance Bancorporation’s dividend payout ratio is currently 19.56%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Barclays cut their price objective on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. DA Davidson decreased their price target on shares of Western Alliance Bancorporation from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. TD Cowen downgraded shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price on the stock. in a report on Monday, March 9th. Keefe, Bruyette & Woods increased their price target on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.93.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer owned 3,485 shares of the company’s stock, valued at $282,285. This trade represents a 63.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.75% of the stock is owned by insiders.

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.