MidWestOne Financial Group Inc. Raises Stake in Western Alliance Bancorporation $WAL

MidWestOne Financial Group Inc. raised its holdings in Western Alliance Bancorporation (NYSE:WAL) by 42.4% during the third quarter, HoldingsChannel reports. The firm owned 36,559 shares of the financial services provider’s stock after buying an additional 10,887 shares during the period. MidWestOne Financial Group Inc.’s holdings in Western Alliance Bancorporation were worth $3,170,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. NewEdge Advisors LLC raised its stake in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock valued at $600,000 after acquiring an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 1,448 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after purchasing an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock valued at $26,701,000 after buying an additional 35,276 shares during the last quarter. Finally, Truist Financial Corp acquired a new position in Western Alliance Bancorporation in the 2nd quarter valued at $234,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of Western Alliance Bancorporation from $98.00 to $101.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Western Alliance Bancorporation in a report on Monday, December 29th. Truist Financial set a $98.00 price objective on Western Alliance Bancorporation in a report on Friday, January 9th. UBS Group set a $106.00 target price on Western Alliance Bancorporation in a research note on Wednesday, February 4th. Finally, DA Davidson lifted their price target on Western Alliance Bancorporation from $104.00 to $105.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.73.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $93.07 on Friday. The firm has a market capitalization of $10.24 billion, a price-to-earnings ratio of 10.66, a price-to-earnings-growth ratio of 0.80 and a beta of 1.37. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.83 and a quick ratio of 0.79. The business’s 50 day simple moving average is $88.47 and its 200-day simple moving average is $84.54. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Monday, January 26th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.19. The firm had revenue of $980.90 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.Western Alliance Bancorporation’s revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.95 earnings per share. As a group, equities analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be given a $0.42 dividend. The ex-dividend date is Friday, February 20th. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. Western Alliance Bancorporation’s payout ratio is currently 19.24%.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.