Hillsdale Investment Management Inc. Takes Position in Western Alliance Bancorporation $WAL

Hillsdale Investment Management Inc. bought a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) in the 1st quarter, Holdings Channel.com reports. The firm bought 48,700 shares of the financial services provider’s stock, valued at approximately $3,450,000.

Several other institutional investors and hedge funds have also bought and sold shares of WAL. Norges Bank bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at approximately $125,482,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Western Alliance Bancorporation by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock worth $735,350,000 after purchasing an additional 777,369 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Western Alliance Bancorporation by 7.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock worth $542,286,000 after buying an additional 470,492 shares during the period. AQR Capital Management LLC increased its stake in shares of Western Alliance Bancorporation by 2,331.6% in the fourth quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock worth $40,817,000 after buying an additional 465,541 shares during the period. Finally, M&T Bank Corp increased its stake in shares of Western Alliance Bancorporation by 7,920.9% in the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock worth $26,535,000 after buying an additional 311,689 shares during the period. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $81.79 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88. The stock has a market cap of $8.93 billion, a P/E ratio of 9.52, a P/E/G ratio of 0.73 and a beta of 1.34. The business’s 50 day moving average price is $79.91 and its 200-day moving average price is $81.32. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted 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 return on equity of 13.58% and a net margin of 17.03%.The firm’s revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter last year, the company earned $1.79 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 9.5 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared 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. The ex-dividend date was Thursday, May 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 19.56%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. increased their price target on shares of Western Alliance Bancorporation from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods boosted their price objective on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Piper Sandler dropped their target price on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Finally, Citigroup raised their target price on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction dated 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 transaction, the chief accounting officer owned 3,485 shares of the company’s stock, valued at $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.76% 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.