Jennison Associates LLC Trims Position in Western Alliance Bancorporation (NYSE:WAL)

Jennison Associates LLC lowered its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 55.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 633,163 shares of the financial services provider's stock after selling 799,012 shares during the period. Jennison Associates LLC owned approximately 0.58% of Western Alliance Bancorporation worth $54,762,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in WAL. LHM Inc. increased its stake in Western Alliance Bancorporation by 2,141.1% during the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider's stock worth $47,606,000 after acquiring an additional 723,995 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Western Alliance Bancorporation by 16.3% during 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 purchasing an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider's stock valued at $233,832,000 after buying an additional 636,577 shares during the last quarter. Principal Financial Group Inc. boosted its stake in 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 buying an additional 506,778 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider's stock valued at $670,170,000 after acquiring an additional 395,101 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Truist Financial dropped their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a report on Monday, October 21st. StockNews.com lowered Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a research note on Tuesday, August 13th. Stephens reiterated an "overweight" rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Piper Sandler lowered their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating for the company in a research note on Monday, October 21st. Finally, Wedbush upped their target price on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 24th. One research 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's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $92.73.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the business's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares of the company's stock, valued at approximately $650,843.43. The trade was a 58.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert P. Latta sold 2,996 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $82.75, for a total transaction of $247,919.00. Following the transaction, the director now directly owns 4,056 shares of the company's stock, valued at $335,634. This represents a 42.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.75% of the stock is owned by company insiders.

Western Alliance Bancorporation Stock Up 0.4 %

NYSE:WAL traded up $0.35 during midday trading on Thursday, hitting $89.52. 13,496 shares of the company were exchanged, compared to its average volume of 1,299,496. Western Alliance Bancorporation has a fifty-two week low of $47.60 and a fifty-two week high of $96.45. The company has a market capitalization of $9.85 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. 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 company has a fifty day simple moving average of $86.31 and a 200 day simple moving average of $75.18.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share 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 analysts' expectations 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, equities analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be given a $0.38 dividend. This is an increase from Western Alliance Bancorporation's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.70%. Western Alliance Bancorporation's dividend payout ratio is 23.46%.

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.