Basswood Capital Management L.L.C. Cuts Stake in Western Alliance Bancorporation (NYSE:WAL)

Basswood Capital Management L.L.C. trimmed its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 23.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 344,116 shares of the financial services provider's stock after selling 107,801 shares during the quarter. Western Alliance Bancorporation comprises 1.5% of Basswood Capital Management L.L.C.'s holdings, making the stock its 23rd largest position. Basswood Capital Management L.L.C. owned approximately 0.31% of Western Alliance Bancorporation worth $29,763,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. First Hawaiian Bank acquired a new stake in Western Alliance Bancorporation in the second quarter valued at approximately $474,000. DNB Asset Management AS boosted its stake in shares of Western Alliance Bancorporation by 1.0% in the second quarter. DNB Asset Management AS now owns 161,155 shares of the financial services provider's stock worth $10,124,000 after acquiring an additional 1,560 shares during the last quarter. Wedmont Private Capital lifted its position in Western Alliance Bancorporation by 9.5% during the second quarter. Wedmont Private Capital now owns 4,826 shares of the financial services provider's stock worth $325,000 after buying an additional 420 shares in the last quarter. M&G Plc lifted its position in Western Alliance Bancorporation by 12.4% during the second quarter. M&G Plc now owns 133,670 shares of the financial services provider's stock worth $8,421,000 after buying an additional 14,734 shares in the last quarter. Finally, ORG Partners LLC purchased a new position in Western Alliance Bancorporation during the second quarter worth approximately $36,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

WAL traded down $0.07 on Monday, hitting $93.54. 261,184 shares of the company traded hands, compared to its average volume of 1,287,024. The company has a 50 day moving average of $87.69 and a 200-day moving average of $76.76. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $10.30 billion, a PE ratio of 14.47, a PEG ratio of 1.47 and a beta of 1.44. Western Alliance Bancorporation has a 12-month low of $53.22 and a 12-month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). The company had revenue of $833.10 million for the quarter, compared to analysts' expectations of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.62%. This is a boost from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's dividend payout ratio is currently 23.46%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WAL shares. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a "hold" rating to a "buy" rating and lifted their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. dropped their price objective on Western Alliance Bancorporation from $107.00 to $105.00 and set an "overweight" rating for the company in a research note on Monday, October 21st. Barclays lifted their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Royal Bank of Canada set a $99.00 target price on Western Alliance Bancorporation and gave the stock an "outperform" rating in a research note on Friday, October 18th. Finally, Stephens reissued an "overweight" rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and a consensus price target of $92.73.

Insider Buying and Selling

In other Western Alliance Bancorporation news, 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 transaction of $247,919.00. Following the transaction, the director now owns 4,056 shares of the company's stock, valued at $335,634. This represents a 42.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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.