Westfield Capital Management Co. LP Invests $38.39 Million in Western Alliance Bancorporation (NYSE:WAL)

Westfield Capital Management Co. LP acquired a new stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 443,825 shares of the financial services provider's stock, valued at approximately $38,386,000. Westfield Capital Management Co. LP owned approximately 0.40% of Western Alliance Bancorporation as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WAL. M&G Plc raised its holdings in shares of Western Alliance Bancorporation by 12.4% in the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider's stock worth $8,421,000 after purchasing an additional 14,734 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Western Alliance Bancorporation by 1.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider's stock valued at $102,603,000 after buying an additional 20,254 shares in the last quarter. First Hawaiian Bank acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $474,000. Mutual of America Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth $5,099,000. Finally, Bank of Montreal Can grew its holdings in shares of Western Alliance Bancorporation by 41.4% in the 2nd quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider's stock worth $37,475,000 after acquiring an additional 174,682 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Analyst Upgrades and Downgrades

WAL has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an "overweight" rating for the company in a report on Monday, October 21st. Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $83.00 to $101.00 in a research report on Monday, October 7th. Barclays increased their target price on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an "outperform" rating in a report on Friday, October 18th. Finally, Truist Financial reduced their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Monday, October 21st. One investment 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's stock. According to data from MarketBeat, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $92.73.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock traded up $2.08 during midday trading on Monday, reaching $95.73. The company had a trading volume of 1,343,947 shares, compared to its average volume of 1,301,577. 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 stock has a fifty day simple moving average of $87.08 and a 200 day simple moving average of $75.92. Western Alliance Bancorporation has a 1-year low of $47.60 and a 1-year high of $98.10. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 1.47 and a beta of 1.44.

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

Western Alliance Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This is a positive change from Western Alliance Bancorporation's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation's payout ratio is presently 23.46%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the business's stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now owns 4,056 shares in the company, valued at approximately $335,634. The trade was a 42.48 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.75% of the company's stock.

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.