Brown Brothers Harriman & Co. Has $7.96 Million Position in Western Alliance Bancorporation (NYSE:WAL)

Brown Brothers Harriman & Co. trimmed its stake in Western Alliance Bancorporation (NYSE:WAL) by 17.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,000 shares of the financial services provider’s stock after selling 20,000 shares during the quarter. Brown Brothers Harriman & Co. owned about 0.08% of Western Alliance Bancorporation worth $7,957,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WAL. V Square Quantitative Management LLC bought a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth $31,000. ORG Wealth Partners LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter valued at $33,000. ORG Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter valued at about $36,000. UMB Bank n.a. increased its position in shares of Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 249 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Western Alliance Bancorporation by 58.4% in the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after acquiring an additional 187 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $95.73 on Tuesday. The business’s 50 day simple moving average is $87.08 and its 200 day simple moving average is $75.92. Western Alliance Bancorporation has a 12 month low of $47.60 and a 12 month high of $98.10. The company has a market cap of $10.54 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 1.47 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.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The firm had revenue of $833.10 million for 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%. Sell-side analysts forecast that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date is Friday, November 15th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 23.46%.

Insider Transactions at Western Alliance Bancorporation

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

Analyst Upgrades and Downgrades

A number of analysts have commented on WAL shares. Wells Fargo & Company boosted their price objective on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 1st. Truist Financial lowered their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Barclays lifted their price objective on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $101.00 in a report on Monday, October 7th. Finally, Wedbush boosted their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.73.

Western Alliance Bancorporation 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.