55,173 Shares in Western Alliance Bancorporation (NYSE:WAL) Bought by Formula Growth Ltd.

Formula Growth Ltd. acquired a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 55,173 shares of the financial services provider's stock, valued at approximately $4,609,000. Western Alliance Bancorporation accounts for 1.6% of Formula Growth Ltd.'s investment portfolio, making the stock its 16th largest position. Formula Growth Ltd. owned 0.05% of Western Alliance Bancorporation as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC grew its stake in shares of Western Alliance Bancorporation by 2.9% during the 3rd quarter. Barclays PLC now owns 123,412 shares of the financial services provider's stock valued at $10,674,000 after buying an additional 3,421 shares during the period. Sanctuary Advisors LLC raised its holdings in shares of Western Alliance Bancorporation by 89.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 7,125 shares of the financial services provider's stock worth $667,000 after purchasing an additional 3,365 shares during the period. Franklin Resources Inc. lifted its stake in shares of Western Alliance Bancorporation by 17.0% in the 3rd quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider's stock valued at $27,970,000 after purchasing an additional 45,764 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $639,000. Finally, Retirement Systems of Alabama purchased a new position in Western Alliance Bancorporation in the third quarter valued at approximately $11,461,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

Shares of WAL traded up $0.47 during mid-day trading on Tuesday, hitting $65.35. The stock had a trading volume of 2,219,816 shares, compared to its average volume of 1,212,188. Western Alliance Bancorporation has a fifty-two week low of $56.70 and a fifty-two week high of $98.10. 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 company has a market cap of $7.22 billion, a PE ratio of 9.20, a PEG ratio of 0.63 and a beta of 1.29. The company's fifty day simple moving average is $76.18 and its two-hundred day simple moving average is $83.76.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, topping analysts' consensus estimates of $1.78 by $0.01. The firm had revenue of $790.10 million during the quarter, compared to the consensus estimate of $792.25 million. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. During the same quarter in the previous year, the company posted $1.72 earnings per share. On average, equities analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, February 14th. This represents a $1.52 annualized dividend and a yield of 2.33%. Western Alliance Bancorporation's dividend payout ratio (DPR) is 21.41%.

Analyst Ratings Changes

WAL has been the topic of several recent research reports. Piper Sandler lifted their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Barclays decreased their target price on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens restated an "overweight" rating and issued a $92.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company lowered their price target on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.67.

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.