Smead Capital Management Inc. Invests $77.96 Million in Western Alliance Bancorporation (NYSE:WAL)

Smead Capital Management Inc. purchased a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,184,936 shares of the financial services provider’s stock, valued at approximately $77,957,000. Western Alliance Bancorporation comprises about 1.4% of Smead Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Smead Capital Management Inc. owned about 1.08% of Western Alliance Bancorporation as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Harbour Investments Inc. raised its holdings in shares of Western Alliance Bancorporation by 400.7% in the first quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock worth $25,000 after buying an additional 557 shares during the period. Lazard Asset Management LLC bought a new position in Western Alliance Bancorporation in the 2nd quarter valued at $28,000. State of Wyoming increased its stake in Western Alliance Bancorporation by 54.7% in the second quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 277 shares during the period. Advisory Services Network LLC lifted its position in shares of Western Alliance Bancorporation by 118.2% during the first quarter. Advisory Services Network LLC now owns 993 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 538 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Western Alliance Bancorporation during the third quarter valued at $43,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on WAL shares. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Citigroup boosted their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a report on Monday, January 29th. Truist Financial restated a “buy” rating and set a $80.00 price objective on shares of Western Alliance Bancorporation in a report on Monday, April 1st. JPMorgan Chase & Co. lowered their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.60.

Western Alliance Bancorporation Stock Up 0.2 %

NYSE WAL traded up $0.10 on Thursday, hitting $55.59. The stock had a trading volume of 482,692 shares, compared to its average volume of 1,432,106. The business’s fifty day moving average price is $59.64 and its 200 day moving average price is $56.32. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 8.48 and a beta of 1.47. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.02). Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $705.97 million. During the same period in the previous year, the business earned $2.67 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 7.88 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s payout ratio is currently 22.63%.

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.