Bank of Montreal Can Sells 556,953 Shares of Western Alliance Bancorporation (NYSE:WAL)

Bank of Montreal Can trimmed its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 93.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,309 shares of the financial services provider's stock after selling 556,953 shares during the quarter. Bank of Montreal Can's holdings in Western Alliance Bancorporation were worth $3,364,000 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 the business. LHM Inc. grew its position in Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider's stock valued at $47,606,000 after acquiring an additional 723,995 shares during the period. Dimensional Fund Advisors LP grew its stake in Western Alliance Bancorporation by 20.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider's stock worth $233,832,000 after buying an additional 636,577 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Western Alliance Bancorporation by 6,342.7% in the 3rd quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider's stock worth $44,522,000 after acquiring an additional 506,778 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $38,386,000. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Western Alliance Bancorporation by 10.4% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,802,505 shares of the financial services provider's stock valued at $155,899,000 after purchasing an additional 169,244 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Stock Down 0.4 %

WAL stock traded down $0.40 during mid-day trading on Thursday, hitting $91.96. 453,341 shares of the company were exchanged, compared to its average volume of 1,278,581. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. Western Alliance Bancorporation has a 1-year low of $53.57 and a 1-year high of $98.10. The firm's 50 day simple moving average is $88.28 and its 200 day simple moving average is $77.37. The firm has a market cap of $10.12 billion, a P/E ratio of 14.19, a P/E/G ratio of 1.46 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) 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). The company had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, sell-side analysts predict that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. This is a positive change from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 23.46%.

Wall Street Analysts Forecast Growth

WAL has been the topic of several research analyst reports. Stephens restated an "overweight" rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a report on Friday, October 18th. Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the company an "equal weight" rating in a research report on Tuesday. Barclays boosted their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Piper Sandler dropped their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Finally, Truist Financial lowered their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus price target of $93.40.

Insider Transactions at Western Alliance Bancorporation

In other news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares in the company, valued at $335,634. This represents a 42.48 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.75% 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.