Rafferty Asset Management LLC Sells 29,168 Shares of Western Alliance Bancorporation $WAL

Rafferty Asset Management LLC trimmed its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 19.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 121,774 shares of the financial services provider’s stock after selling 29,168 shares during the period. Rafferty Asset Management LLC’s holdings in Western Alliance Bancorporation were worth $10,560,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Western Alliance Bancorporation in the third quarter valued at about $26,000. Quent Capital LLC bought a new position in Western Alliance Bancorporation in the third quarter valued at approximately $26,000. Salomon & Ludwin LLC bought a new position in Western Alliance Bancorporation in the third quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $27,000. Finally, Smartleaf Asset Management LLC raised its stake in shares of Western Alliance Bancorporation by 113.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Trading Down 10.6%

Shares of WAL stock opened at $80.49 on Monday. The stock has a market cap of $8.84 billion, a price-to-earnings ratio of 9.22, a PEG ratio of 0.68 and a beta of 1.34. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $97.23. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The stock has a 50-day moving average of $89.32 and a 200-day moving average of $85.40.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. The company had revenue of $980.90 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.95 EPS. On average, equities research analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 20th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio is presently 19.24%.

Wall Street Analysts Forecast Growth

WAL has been the subject of a number of recent analyst reports. UBS Group set a $106.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, February 4th. TD Cowen reduced their target price on shares of Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Wednesday, January 7th. DA Davidson increased their price target on Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Keefe, Bruyette & Woods raised their target price on shares of Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Finally, Jefferies Financial Group upped their price objective on Western Alliance Bancorporation from $105.00 to $110.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. Eleven research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently 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.