State of Tennessee Department of Treasury Sells 5,391 Shares of Western Alliance Bancorporation (NYSE:WAL)

State of Tennessee Department of Treasury trimmed its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,950 shares of the financial services provider's stock after selling 5,391 shares during the period. State of Tennessee Department of Treasury's holdings in Western Alliance Bancorporation were worth $3,672,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth about $109,298,000. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Western Alliance Bancorporation by 55.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after acquiring an additional 648,983 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider's stock worth $44,522,000 after acquiring an additional 506,778 shares during the period. Bank of Montreal Can raised its stake in shares of Western Alliance Bancorporation by 973.1% during the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider's stock valued at $35,239,000 after acquiring an additional 382,513 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Western Alliance Bancorporation by 5.1% during the fourth quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider's stock valued at $479,207,000 after acquiring an additional 278,041 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $69.75 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The firm has a market cap of $7.70 billion, a PE ratio of 9.82, a P/E/G ratio of 0.63 and a beta of 1.29. Western Alliance Bancorporation has a 12 month low of $56.70 and a 12 month high of $98.10. The stock has a fifty day moving average price of $74.54 and a 200-day moving average price of $83.32.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.01. The company had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same period in the prior year, the company posted $1.72 EPS. Equities research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced 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 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Friday, February 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 20.85%.

Analysts Set New Price Targets

WAL has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Barclays decreased their price objective on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Piper Sandler increased 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. StockNews.com upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Tuesday, February 25th. Finally, 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. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.62.

Western Alliance Bancorporation 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.

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