Point72 Asset Management L.P. Invests $39.23 Million in Western Alliance Bancorporation (NYSE:WAL)

Point72 Asset Management L.P. bought a new stake in Western Alliance Bancorporation (NYSE:WAL - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 453,573 shares of the financial services provider's stock, valued at approximately $39,230,000. Point72 Asset Management L.P. owned about 0.41% of Western Alliance Bancorporation at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of WAL. V Square Quantitative Management LLC purchased a new position in Western Alliance Bancorporation during the 3rd quarter worth $31,000. ORG Wealth Partners LLC purchased a new position in Western Alliance Bancorporation during the 3rd quarter worth $33,000. UMB Bank n.a. grew its position in Western Alliance Bancorporation by 136.8% during the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider's stock worth $37,000 after purchasing an additional 249 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Western Alliance Bancorporation by 58.4% in the third 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 in the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $36,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now owns 4,056 shares of the company's stock, valued at approximately $335,634. This represents a 42.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.75% of the stock is owned by insiders.

Western Alliance Bancorporation Price Performance

WAL traded down $0.40 during midday trading on Thursday, reaching $91.96. 453,341 shares of the company's stock were exchanged, compared to its average volume of 1,278,581. 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 stock has a market capitalization of $10.12 billion, a PE ratio of 14.19, a P/E/G ratio of 1.46 and a beta of 1.45. The business's 50-day moving average price is $88.28 and its 200 day moving average price is $77.37. Western Alliance Bancorporation has a 1-year low of $53.57 and a 1-year high of $98.10.

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 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.10). The firm 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 analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. This is a positive change from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's payout ratio is currently 23.46%.

Wall Street Analyst Weigh In

WAL has been the topic of several analyst reports. Barclays lifted their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Truist Financial lowered their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Monday, October 21st. Wells Fargo & Company lifted their target price on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the company an "equal weight" rating in a report on Tuesday. Stephens reaffirmed an "overweight" rating and issued a $102.00 target price on shares of Western Alliance Bancorporation in a report on Friday, October 18th. Finally, Wedbush lifted their target price on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an "outperform" rating in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $93.40.

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.