Prudential Financial Inc. Sells 33,369 Shares of Western Alliance Bancorporation (NYSE:WAL)

Prudential Financial Inc. decreased its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 78.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,102 shares of the financial services provider's stock after selling 33,369 shares during the quarter. Prudential Financial Inc.'s holdings in Western Alliance Bancorporation were worth $760,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its position in Western Alliance Bancorporation by 46.2% in the third quarter. State Street Corp now owns 4,488,345 shares of the financial services provider's stock worth $388,197,000 after acquiring an additional 1,418,472 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Western Alliance Bancorporation by 6,342.7% in the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider's stock worth $44,522,000 after purchasing an additional 506,778 shares in the last quarter. Retirement Systems of Alabama acquired a new position in Western Alliance Bancorporation during the third quarter worth $11,461,000. Geode Capital Management LLC raised its holdings in Western Alliance Bancorporation by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,880,681 shares of the financial services provider's stock valued at $162,701,000 after buying an additional 120,729 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth about $7,377,000. Institutional investors and hedge funds own 79.15% of the company's stock.

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Western Alliance Bancorporation Stock Performance

WAL traded down $0.16 during trading on Friday, reaching $63.07. 1,531,256 shares of the company's stock were exchanged, compared to its average volume of 1,214,046. The company has a market capitalization of $6.97 billion, a P/E ratio of 8.88, a PEG ratio of 0.63 and a beta of 1.29. 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 business has a 50 day moving average price of $78.97 and a 200 day moving average price of $84.55. Western Alliance Bancorporation has a fifty-two week low of $53.75 and a fifty-two week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, beating 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%. As a group, analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.41%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation's dividend payout ratio is 21.41%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WAL. StockNews.com raised Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday, February 25th. Stephens reissued an "overweight" rating and issued a $103.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, January 28th. DA Davidson decreased their price objective on shares of Western Alliance Bancorporation from $110.00 to $106.00 and set a "buy" rating for the company in a report on Wednesday, January 29th. Piper Sandler lifted their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, UBS Group started coverage on shares of Western Alliance Bancorporation in a report on Tuesday, December 17th. They set a "buy" rating and a $115.00 price target for the company. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.40.

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.