Maltese Capital Management LLC Has $16.04 Million Position in Western Alliance Bancorporation $WAL

Maltese Capital Management LLC reduced its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 8.0% during the third quarter, Holdings Channel reports. The institutional investor owned 185,000 shares of the financial services provider’s stock after selling 16,000 shares during the period. Western Alliance Bancorporation comprises about 2.4% of Maltese Capital Management LLC’s portfolio, making the stock its 3rd largest holding. Maltese Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $16,043,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in WAL. Halbert Hargrove Global Advisors LLC bought a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth $26,000. Quent Capital LLC acquired a new position in Western Alliance Bancorporation during the 3rd quarter valued at about $26,000. Salomon & Ludwin LLC bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth $27,000. Root Financial Partners LLC purchased a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth about $27,000. Finally, Community Bank N.A. purchased a new position in Western Alliance Bancorporation in the third quarter valued at about $37,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of research reports. Jefferies Financial Group reaffirmed an “overweight” rating and issued a $105.00 price target on shares of Western Alliance Bancorporation in a report on Friday, March 6th. UBS Group set a $93.00 price target on Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Tuesday, March 10th. Barclays reissued an “overweight” rating on shares of Western Alliance Bancorporation in a research report on Monday, February 2nd. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, March 5th. Finally, DA Davidson lowered their price target on shares of Western Alliance Bancorporation from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Twelve equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.40.

Western Alliance Bancorporation Price Performance

WAL opened at $67.63 on Tuesday. The stock has a market capitalization of $7.43 billion, a P/E ratio of 7.75, a PEG ratio of 0.59 and a beta of 1.34. The stock has a 50-day moving average price of $86.75 and a 200-day moving average price of $84.56. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month 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.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The firm had revenue of $890.80 million for the quarter, compared to analysts’ expectations of $912.69 million. During the same period last year, the firm earned $1.95 earnings per share. The company’s revenue for the quarter was up 17.0% compared to the same quarter last year. Equities analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, February 20th. Western Alliance Bancorporation’s payout ratio is presently 19.24%.

About Western Alliance Bancorporation

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.