RiverPark Advisors LLC Acquires New Holdings in Western Alliance Bancorporation (NYSE:WAL)

RiverPark Advisors LLC acquired a new stake in Western Alliance Bancorporation (NYSE:WAL) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 1,788 shares of the financial services provider’s stock, valued at approximately $155,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $27,000. Russell Investments Group Ltd. lifted its stake in Western Alliance Bancorporation by 0.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after acquiring an additional 164 shares in the last quarter. M&G Plc bought a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $7,612,000. Vanguard Group Inc. lifted its stake in Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after acquiring an additional 395,101 shares in the last quarter. Finally, Edgestream Partners L.P. bought a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $1,420,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

WAL has been the topic of several research reports. Truist Financial cut their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Piper Sandler dropped their price objective on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and upped their price objective for the stock from $83.00 to $101.00 in a research note on Monday, October 7th. Barclays upped their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company upped their price objective on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $92.73.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. This represents a 58.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert P. Latta sold 2,996 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now directly owns 4,056 shares in the company, valued at approximately $335,634. This trade represents a 42.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $90.38 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The stock’s fifty day moving average price is $85.78 and its two-hundred day moving average price is $74.57. Western Alliance Bancorporation has a one year low of $47.54 and a one year high of $96.45. The firm has a market cap of $9.95 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 1.42 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. On average, equities analysts forecast that Western Alliance Bancorporation will post 7.13 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.68%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 22.84%.

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.