Congress Asset Management Co. Sells 63,790 Shares of Western Alliance Bancorporation (NYSE:WAL)

Congress Asset Management Co. cut its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 19.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 263,393 shares of the financial services provider's stock after selling 63,790 shares during the quarter. Congress Asset Management Co. owned about 0.24% of Western Alliance Bancorporation worth $22,004,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its holdings in shares of Western Alliance Bancorporation by 70.1% during the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock valued at $28,000 after buying an additional 136 shares in the last quarter. Versant Capital Management Inc lifted its position in Western Alliance Bancorporation by 13.4% during the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the financial services provider's stock valued at $111,000 after acquiring an additional 157 shares during the period. Pacer Advisors Inc. boosted its stake in Western Alliance Bancorporation by 1.0% during the fourth quarter. Pacer Advisors Inc. now owns 16,263 shares of the financial services provider's stock worth $1,359,000 after acquiring an additional 163 shares in the last quarter. Blue Trust Inc. grew its holdings 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 purchasing an additional 187 shares during the period. Finally, Signaturefd LLC increased its stake 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. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded down $3.08 during trading on Thursday, hitting $89.92. The company's stock had a trading volume of 1,440,527 shares, compared to its average volume of 1,187,440. 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 firm has a market cap of $9.90 billion, a price-to-earnings ratio of 12.67, a P/E/G ratio of 0.64 and a beta of 1.46. The company has a 50-day moving average of $86.86 and a 200-day moving average of $85.56. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. On average, sell-side analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, February 14th. This represents a $1.52 annualized dividend and a yield of 1.69%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 21.41%.

Wall Street Analyst Weigh In

WAL has been the topic of a number of analyst reports. StockNews.com cut Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a research report on Monday. Barclays increased their target price 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. UBS Group initiated coverage on shares of Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a "buy" rating and a $115.00 target price for the company. Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an "equal weight" rating on the stock in a report on Monday, January 6th. Finally, Piper Sandler raised their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. 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 data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus target price of $98.07.

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.