Commerce Bank Takes $2.54 Million Position in Western Alliance Bancorporation $WAL

Commerce Bank purchased a new position in Western Alliance Bancorporation (NYSE:WAL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 30,929 shares of the financial services provider’s stock, valued at approximately $2,542,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in WAL. Northwestern Mutual Wealth Management Co. purchased a new position in Western Alliance Bancorporation during the second quarter worth about $26,000. Clearstead Advisors LLC raised its holdings in shares of Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 243 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at about $38,000. Compound Global Advisors LLC bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $41,000. Finally, Leonteq Securities AG bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup upped their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Truist Financial boosted their price target on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Finally, Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an “equal weight” rating in a research report on Monday, August 10th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.47.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were 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 directly owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.76% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $78.38 on Tuesday. The firm has a market capitalization of $8.55 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 0.77 and a beta of 1.34. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The business’s 50-day moving average price is $81.35 and its 200-day moving average price is $80.06.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.36. The company had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.Western Alliance Bancorporation’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.07 EPS. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th will be paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 18.92%.

Western Alliance Bancorporation Company Profile

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.