Citigroup Inc. Lowers Stake in Western Alliance Bancorporation (NYSE:WAL)

Citigroup Inc. lowered its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 17.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 121,954 shares of the financial services provider's stock after selling 25,844 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Western Alliance Bancorporation worth $10,548,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Blue Trust Inc. raised its stake in Western Alliance Bancorporation by 58.4% in the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider's stock worth $44,000 after buying an additional 187 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Western Alliance Bancorporation by 26.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider's stock worth $73,000 after acquiring an additional 244 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Western Alliance Bancorporation by 136.8% in the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 249 shares during the period. Signaturefd LLC boosted its position in shares of Western Alliance Bancorporation by 18.7% during the third quarter. Signaturefd LLC now owns 1,598 shares of the financial services provider's stock valued at $138,000 after purchasing an additional 252 shares in the last quarter. Finally, Wedmont Private Capital grew its stake in Western Alliance Bancorporation by 5.7% in the third quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider's stock worth $429,000 after purchasing an additional 276 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock traded up $0.11 during midday trading on Friday, reaching $93.61. 413,720 shares of the company traded hands, compared to its average volume of 1,291,563. Western Alliance Bancorporation has a 12 month low of $50.56 and a 12 month high of $98.10. 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 business has a 50 day moving average of $87.69 and a two-hundred day moving average of $76.59. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 1.47 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $811.40 million. As a group, research analysts predict 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 will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This is an increase from Western Alliance Bancorporation's previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation's payout ratio is currently 23.46%.

Insider Activity

In related news, Director Robert P. Latta sold 2,996 shares of the firm's 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 transaction, the director now directly owns 4,056 shares of the company's stock, valued at approximately $335,634. This trade represents a 42.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.75% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on WAL shares. Wells Fargo & Company boosted their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an "equal weight" rating in a report on Tuesday, October 1st. Piper Sandler cut their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating on the stock in a report on Monday, October 21st. StockNews.com downgraded shares of Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a research note on Tuesday, August 13th. Barclays boosted their price target on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Finally, Truist Financial reduced their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $92.73.

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.