Corebridge Financial Inc. Sells 5,583 Shares of Western Alliance Bancorporation (NYSE:WAL)

Corebridge Financial Inc. reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,403 shares of the financial services provider's stock after selling 5,583 shares during the quarter. Corebridge Financial Inc. owned 0.11% of Western Alliance Bancorporation worth $10,309,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WAL. Congress Wealth Management LLC DE raised its holdings in shares of Western Alliance Bancorporation by 17.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 30,437 shares of the financial services provider's stock valued at $2,543,000 after purchasing an additional 4,439 shares during the period. LPL Financial LLC increased its position in Western Alliance Bancorporation by 7.5% during the fourth quarter. LPL Financial LLC now owns 146,303 shares of the financial services provider's stock worth $12,222,000 after buying an additional 10,245 shares during the last quarter. Harbor Advisors LLC raised its stake in Western Alliance Bancorporation by 40.0% in the fourth quarter. Harbor Advisors LLC now owns 7,000 shares of the financial services provider's stock valued at $585,000 after buying an additional 2,000 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $1,771,000. Finally, American Century Companies Inc. boosted its stake in shares of Western Alliance Bancorporation by 1.1% during the 4th quarter. American Century Companies Inc. now owns 364,320 shares of the financial services provider's stock worth $30,435,000 after acquiring an additional 4,057 shares during the period. Institutional investors and hedge funds own 79.15% of the company's stock.

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Analysts Set New Price Targets

A number of research firms recently weighed in on WAL. DA Davidson dropped their price target on Western Alliance Bancorporation from $110.00 to $106.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. UBS Group began coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, December 17th. They issued a "buy" rating and a $115.00 price objective on the stock. Wells Fargo & Company reduced their target price on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an "equal weight" rating for the company in a report on Monday, January 6th. StockNews.com upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.07.

Western Alliance Bancorporation Price Performance

NYSE:WAL traded up $0.77 during mid-day trading on Monday, reaching $76.89. The stock had a trading volume of 856,460 shares, compared to its average volume of 1,168,103. The stock has a 50-day simple moving average of $84.18 and a two-hundred day simple moving average of $86.00. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10. The stock has a market capitalization of $8.49 billion, a PE ratio of 10.83, a P/E/G ratio of 0.63 and a beta of 1.43.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, topping analysts' consensus estimates of $1.92 by $0.03. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. On average, equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, February 14th. Western Alliance Bancorporation's dividend payout ratio is currently 21.41%.

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.