Victory Capital Management Inc. Trims Stake in Western Alliance Bancorporation $WAL

Victory Capital Management Inc. lessened its holdings in Western Alliance Bancorporation (NYSE:WAL) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 339,604 shares of the financial services provider’s stock after selling 14,721 shares during the period. Victory Capital Management Inc. owned approximately 0.31% of Western Alliance Bancorporation worth $29,450,000 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. Norges Bank purchased a new position in Western Alliance Bancorporation during the second quarter worth about $137,289,000. Perpetual Ltd purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $31,072,000. Global Frontier Investments LLC acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter worth approximately $22,224,000. Smead Capital Management Inc. boosted its position in shares of Western Alliance Bancorporation by 19.2% during the 2nd quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider’s stock worth $111,921,000 after purchasing an additional 231,159 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its position in shares of Western Alliance Bancorporation by 11.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider’s stock worth $190,318,000 after purchasing an additional 223,425 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on WAL. UBS Group set a $106.00 target price on Western Alliance Bancorporation in a research report on Wednesday, February 4th. Barclays restated an “overweight” rating on shares of Western Alliance Bancorporation in a research report on Monday, February 2nd. iA Financial set a $101.00 price objective on Western Alliance Bancorporation in a report on Wednesday, January 28th. DA Davidson increased their target price on Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Truist Financial set a $98.00 target price on Western Alliance Bancorporation in a report on Friday, January 9th. Thirteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.40.

Western Alliance Bancorporation Stock Down 8.4%

Shares of NYSE WAL opened at $73.94 on Monday. The stock has a market cap of $8.12 billion, a P/E ratio of 8.47, a PEG ratio of 0.63 and a beta of 1.34. The business’s fifty day simple moving average is $88.58 and its 200-day simple moving average is $85.29. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $97.23. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.19. The company had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.Western Alliance Bancorporation’s revenue was up 17.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.95 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were paid a $0.42 dividend. The ex-dividend date was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a yield of 2.3%. Western Alliance Bancorporation’s payout ratio is currently 19.24%.

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.