Legato Capital Management LLC Raises Stock Holdings in Western Alliance Bancorporation $WAL

Legato Capital Management LLC raised its position in Western Alliance Bancorporation (NYSE:WAL) by 71.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,432 shares of the financial services provider’s stock after acquiring an additional 6,832 shares during the period. Legato Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $1,425,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC increased its position in Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock valued at $207,670,000 after buying an additional 81,386 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Western Alliance Bancorporation by 11.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider’s stock valued at $190,318,000 after purchasing an additional 223,425 shares during the last quarter. Geode Capital Management LLC boosted its stake in Western Alliance Bancorporation by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider’s stock worth $158,755,000 after purchasing an additional 104,182 shares in the last quarter. Norges Bank purchased a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $137,289,000. Finally, Smead Capital Management Inc. lifted its stake in shares of Western Alliance Bancorporation by 19.2% during the second quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider’s stock worth $111,921,000 after buying an additional 231,159 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $79.54 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $97.23. The company has a market cap of $8.74 billion, a price-to-earnings ratio of 9.11, a price-to-earnings-growth ratio of 0.69 and a beta of 1.34. The company has a fifty day simple moving average of $89.05 and a two-hundred day simple moving average of $85.36.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, January 27th. 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 business had revenue of $980.90 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 EPS. As a group, equities analysts anticipate 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. Shareholders of record on Friday, February 20th will be paid a $0.42 dividend. The ex-dividend date is Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation’s payout ratio is currently 19.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on WAL shares. Weiss Ratings restated a “hold (c+)” rating on shares of Western Alliance Bancorporation in a research note on Monday, December 29th. Citigroup lifted their price target on Western Alliance Bancorporation from $104.00 to $107.00 and gave the company a “buy” rating in a research report on Friday, January 30th. DA Davidson raised their price objective on shares of Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. iA Financial set a $101.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, January 28th. Finally, Barclays reiterated an “overweight” rating on shares of Western Alliance Bancorporation in a research report on Monday, February 2nd. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $103.73.

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.