MetLife Investment Management LLC raised its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 2,830.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,350 shares of the financial services provider's stock after purchasing an additional 54,427 shares during the quarter. MetLife Investment Management LLC owned about 0.05% of Western Alliance Bancorporation worth $4,874,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Townsquare Capital LLC boosted its holdings in Western Alliance Bancorporation by 9.0% in the third quarter. Townsquare Capital LLC now owns 8,484 shares of the financial services provider's stock valued at $734,000 after purchasing an additional 703 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Western Alliance Bancorporation by 1,091.8% in the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider's stock worth $2,947,000 after buying an additional 31,214 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Western Alliance Bancorporation during the third quarter worth about $86,000. FMR LLC raised its position in Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider's stock valued at $241,568,000 after acquiring an additional 1,347,921 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in Western Alliance Bancorporation by 20.5% in the third quarter. The Manufacturers Life Insurance Company now owns 630,700 shares of the financial services provider's stock valued at $54,549,000 after acquiring an additional 107,275 shares during the period. Hedge funds and other institutional investors own 79.15% of the company's stock.
Insider Activity
In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction on Monday, September 9th. The shares were 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 in the company, valued at approximately $335,634. The trade was a 42.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.75% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on WAL. JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an "overweight" rating on the stock in a research note on Monday, October 21st. Royal Bank of Canada set a $99.00 price objective on Western Alliance Bancorporation and gave the company an "outperform" rating in a report on Friday, October 18th. Stephens restated an "overweight" rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Truist Financial decreased their price target on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Monday, October 21st. Finally, Wells Fargo & Company upped their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $92.73.
Read Our Latest Analysis on WAL
Western Alliance Bancorporation Stock Down 0.4 %
Shares of Western Alliance Bancorporation stock traded down $0.40 during trading hours on Monday, reaching $93.21. 639,238 shares of the company were exchanged, compared to its average volume of 1,288,751. Western Alliance Bancorporation has a 1 year low of $53.22 and a 1 year high of $98.10. The stock's fifty day moving average is $87.82 and its 200 day moving average is $76.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm has a market cap of $10.26 billion, a PE ratio of 14.38, a PEG ratio of 1.47 and a beta of 1.44.
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 analysts' consensus estimates of $1.90 by ($0.10). The business had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. As a group, equities research analysts forecast 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. Stockholders of record on Friday, November 15th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's payout ratio is 23.46%.
Western Alliance Bancorporation Profile
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Free Report)
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.
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