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

Jennison Associates LLC lessened its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 36.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 402,543 shares of the financial services provider's stock after selling 230,620 shares during the quarter. Jennison Associates LLC owned 0.37% of Western Alliance Bancorporation worth $33,628,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Retirement Systems of Alabama bought a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $11,461,000. Franklin Resources Inc. increased its position in shares of Western Alliance Bancorporation by 17.0% in the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider's stock valued at $27,970,000 after acquiring an additional 45,764 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in Western Alliance Bancorporation during the third quarter worth $5,099,000. BNP Paribas Financial Markets increased its position in Western Alliance Bancorporation by 1,091.8% during the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider's stock worth $2,947,000 after buying an additional 31,214 shares during the last quarter. Finally, nVerses Capital LLC acquired a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth about $623,000. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Stock Performance

WAL stock traded up $2.26 on Wednesday, hitting $88.85. The company had a trading volume of 1,093,295 shares, compared to its average volume of 1,301,465. 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 has a 12-month low of $53.75 and a 12-month high of $98.10. The stock has a market cap of $9.78 billion, a price-to-earnings ratio of 12.51, a P/E/G ratio of 0.61 and a beta of 1.46. The stock's 50-day simple moving average is $87.58 and its 200 day simple moving average is $84.77.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, beating 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%. As a group, equities research analysts expect that Western Alliance Bancorporation will post 9.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on WAL. Piper Sandler lifted their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an "overweight" rating in a research report on Monday. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a research note on Monday, October 21st. StockNews.com upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, January 29th. Stephens reiterated an "overweight" rating and issued a $103.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, January 28th. Finally, UBS Group began coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a "buy" rating and a $115.00 target price on the stock. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.07.

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.