State Street Corp Raises Stock Position in Western Alliance Bancorporation (NYSE:WAL)

State Street Corp increased its holdings in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 46.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,488,345 shares of the financial services provider's stock after purchasing an additional 1,418,472 shares during the quarter. State Street Corp owned 4.08% of Western Alliance Bancorporation worth $388,197,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at about $31,000. ORG Wealth Partners LLC purchased a new stake in Western Alliance Bancorporation in the third quarter worth approximately $33,000. ORG Partners LLC bought a new stake in Western Alliance Bancorporation in the 2nd quarter worth approximately $36,000. UMB Bank n.a. raised its stake 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 valued at $37,000 after buying an additional 249 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in shares of Western Alliance Bancorporation by 58.4% in the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider's stock worth $44,000 after buying an additional 187 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. JPMorgan Chase & Co. reduced their price objective 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. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the stock an "outperform" rating in a research note on Friday, October 18th. Stephens restated an "overweight" rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Wells Fargo & Company increased their price target on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an "equal weight" rating in a research report on Tuesday, December 3rd. Finally, Barclays upped their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $93.40.

Western Alliance Bancorporation Price Performance

WAL traded down $1.43 during trading on Tuesday, reaching $90.23. 809,340 shares of the company traded hands, compared to its average volume of 1,270,364. Western Alliance Bancorporation has a 12-month low of $53.75 and a 12-month high of $98.10. The firm has a fifty day simple moving average of $88.54 and a 200 day simple moving average of $77.96. 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 company has a market cap of $9.93 billion, a P/E ratio of 13.92, a PEG ratio of 1.47 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The company had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. On average, equities analysts forecast that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Friday, November 15th. This is a boost from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 23.46%.

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.