Handelsinvest Investeringsforvaltning Sells 2,167 Shares of Western Alliance Bancorporation (NYSE:WAL)

Handelsinvest Investeringsforvaltning cut its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 15.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,993 shares of the financial services provider’s stock after selling 2,167 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Western Alliance Bancorporation were worth $770,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position in Western Alliance Bancorporation by 120.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,959 shares of the financial services provider’s stock valued at $182,000 after acquiring an additional 2,164 shares in the last quarter. LPL Financial LLC increased its holdings in shares of Western Alliance Bancorporation by 5.6% in the third quarter. LPL Financial LLC now owns 130,266 shares of the financial services provider’s stock valued at $5,988,000 after purchasing an additional 6,957 shares in the last quarter. Northern Trust Corp raised its position in Western Alliance Bancorporation by 4.4% in the 3rd quarter. Northern Trust Corp now owns 552,131 shares of the financial services provider’s stock worth $25,381,000 after purchasing an additional 23,041 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in Western Alliance Bancorporation by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock worth $2,182,000 after buying an additional 240 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Western Alliance Bancorporation by 9.8% in the 3rd quarter. Tower Research Capital LLC TRC now owns 12,151 shares of the financial services provider’s stock valued at $559,000 after buying an additional 1,089 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the transaction, the chief accounting officer now owns 5,636 shares of the company’s stock, valued at $361,831.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.75% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday. JPMorgan Chase & Co. reduced their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Stephens reissued an “overweight” rating and set a $82.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. Wedbush restated an “outperform” rating and issued a $70.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Finally, Wells Fargo & Company lowered their target price on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $74.71.

Western Alliance Bancorporation Stock Performance

WAL stock opened at $64.10 on Wednesday. Western Alliance Bancorporation has a 1-year low of $35.67 and a 1-year high of $70.23. The business’s 50-day moving average price is $61.17 and its two-hundred day moving average price is $61.35. The firm has a market cap of $7.06 billion, a PE ratio of 9.35, a P/E/G ratio of 1.19 and a beta of 1.46. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same quarter in the previous year, the firm posted $2.30 earnings per share. As a group, research analysts forecast that Western Alliance Bancorporation will post 7.42 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.31%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Western Alliance Bancorporation Profile

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.