Western Alliance Bancorporation (NYSE:WAL) Stock Position Decreased by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. cut its position in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 47.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,506 shares of the financial services provider's stock after selling 9,438 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Western Alliance Bancorporation were worth $909,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider's stock worth $670,170,000 after purchasing an additional 395,101 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Western Alliance Bancorporation by 16.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider's stock worth $328,165,000 after buying an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider's stock valued at $233,832,000 after purchasing an additional 636,577 shares during the last quarter. William Blair Investment Management LLC lifted its stake in Western Alliance Bancorporation by 0.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider's stock worth $176,764,000 after purchasing an additional 20,876 shares in the last quarter. Finally, Hood River Capital Management LLC increased its stake in Western Alliance Bancorporation by 5.9% during the first quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider's stock worth $105,378,000 after acquiring an additional 91,535 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

Insider Activity

In other 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 value of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares of the company's stock, valued at approximately $335,634. This represents a 42.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Barbara Kennedy sold 11,083 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the transaction, the insider now owns 7,977 shares in the company, valued at $650,843.43. This represents a 58.15 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.75% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on WAL. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a "hold" rating to a "buy" rating and upped their price target for the stock from $83.00 to $101.00 in a report on Monday, October 7th. Truist Financial dropped their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Monday, October 21st. Bank of America upped their price objective on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the company an "outperform" rating in a report on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $92.73.

Western Alliance Bancorporation Trading Down 1.6 %

WAL traded down $1.48 during trading on Friday, hitting $90.38. 1,000,262 shares of the company's stock were exchanged, compared to its average volume of 1,313,287. The stock has a 50 day moving average price of $85.55 and a 200 day moving average price of $74.23. The firm has a market cap of $9.95 billion, a P/E ratio of 14.11, a price-to-earnings-growth ratio of 1.46 and a beta of 1.44. Western Alliance Bancorporation has a 1 year low of $47.54 and a 1 year high of $96.45. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate 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, analysts expect that Western Alliance Bancorporation will post 7.13 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a $0.38 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.68%. This is a positive change from Western Alliance Bancorporation's previous quarterly dividend of $0.37. Western Alliance Bancorporation's payout ratio is currently 22.84%.

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.