M&G PLC Boosts Stock Position in Western Alliance Bancorporation $WAL

M&G PLC grew its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 7.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 256,687 shares of the financial services provider’s stock after purchasing an additional 17,607 shares during the quarter. M&G PLC owned approximately 0.23% of Western Alliance Bancorporation worth $20,022,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WAL. WCM Investment Management LLC boosted its stake in Western Alliance Bancorporation by 5.4% in the second quarter. WCM Investment Management LLC now owns 234,809 shares of the financial services provider’s stock valued at $18,226,000 after acquiring an additional 12,116 shares during the last quarter. William Blair Investment Management LLC grew its stake in Western Alliance Bancorporation by 0.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock valued at $180,394,000 after buying an additional 20,704 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Western Alliance Bancorporation by 16.8% during the 1st quarter. Russell Investments Group Ltd. now owns 34,078 shares of the financial services provider’s stock valued at $2,618,000 after acquiring an additional 4,895 shares during the period. Cetera Investment Advisers lifted its position in shares of Western Alliance Bancorporation by 27.6% during the first quarter. Cetera Investment Advisers now owns 6,304 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 1,364 shares in the last quarter. Finally, EP Wealth Advisors LLC grew its position in shares of Western Alliance Bancorporation by 72.6% in the first quarter. EP Wealth Advisors LLC now owns 8,235 shares of the financial services provider’s stock valued at $633,000 after purchasing an additional 3,465 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Up 0.3%

Shares of NYSE:WAL opened at $79.89 on Wednesday. The firm has a fifty day moving average of $83.17 and a 200 day moving average of $80.12. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 0.83. The firm has a market capitalization of $8.79 billion, a PE ratio of 9.87, a price-to-earnings-growth ratio of 0.52 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter. The firm had revenue of $718.00 million during the quarter. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%. As a group, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 28th. Shareholders of record on Thursday, November 13th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, November 13th. Western Alliance Bancorporation’s payout ratio is 20.77%.

Analyst Ratings Changes

A number of research firms have weighed in on WAL. DA Davidson lifted their target price on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a “buy” rating in a report on Monday, July 21st. TD Cowen started coverage on shares of Western Alliance Bancorporation in a research note on Thursday, September 25th. They set a “buy” rating and a $118.00 price objective for the company. Royal Bank Of Canada upped their target price on shares of Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Truist Financial raised their price target on shares of Western Alliance Bancorporation from $92.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Finally, Cowen began coverage on shares of Western Alliance Bancorporation in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and a consensus target price of $100.53.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CFO Dale Gibbons bought 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was bought at an average cost of $77.00 per share, for a total transaction of $308,000.00. Following the acquisition, the chief financial officer directly owned 300,358 shares of the company’s stock, valued at $23,127,566. The trade was a 1.35% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.68% of the company’s stock.

About Western Alliance Bancorporation

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.