Franklin Resources Inc. Boosts Stake in Western Alliance Bancorporation (NYSE:WAL)

Franklin Resources Inc. increased its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 17.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 314,972 shares of the financial services provider's stock after acquiring an additional 45,764 shares during the period. Franklin Resources Inc. owned approximately 0.29% of Western Alliance Bancorporation worth $27,970,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of WAL. Blue Trust Inc. boosted its position in shares of Western Alliance Bancorporation by 58.4% during the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 187 shares during the last quarter. UMB Bank n.a. raised its stake in Western Alliance Bancorporation by 136.8% in the third 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 in the last quarter. Signaturefd LLC lifted its position in 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 during the last quarter. Wedmont Private Capital grew its stake in Western Alliance Bancorporation by 5.7% in the 3rd quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider's stock worth $429,000 after buying an additional 276 shares in the last quarter. Finally, Creative Planning increased its holdings in shares of Western Alliance Bancorporation by 6.1% in the 2nd quarter. Creative Planning now owns 5,756 shares of the financial services provider's stock worth $362,000 after buying an additional 330 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Trading Down 1.1 %

Shares of Western Alliance Bancorporation stock traded down $0.88 during trading on Thursday, reaching $82.86. 1,454,557 shares of the stock were exchanged, compared to its average volume of 1,269,033. Western Alliance Bancorporation has a 1 year low of $53.75 and a 1 year high of $98.10. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45. 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's fifty day moving average is $89.22 and its 200 day moving average is $79.18.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data 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 return on equity of 13.16% and a net margin of 14.66%. The business had revenue of $833.10 million during the quarter, compared to analysts' expectations of $811.40 million. As a group, equities research analysts expect that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given 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 yield of 1.83%. The ex-dividend date of this dividend was Friday, November 15th. Western Alliance Bancorporation's payout ratio is presently 23.46%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a report on Monday, October 21st. Wells Fargo & Company lifted their price target on Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Piper Sandler reduced their price objective on Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating on the stock in a research report on Monday, October 21st. JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $107.00 to $105.00 and set an "overweight" rating for the company in a research report on Monday, October 21st. Finally, Stephens reiterated an "overweight" rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.75.

Western Alliance Bancorporation Company Profile

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.