Norges Bank Makes New $125.48 Million Investment in Western Alliance Bancorporation $WAL

Norges Bank bought a new stake in shares of Western Alliance Bancorporation (NYSE:WAL) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,492,595 shares of the financial services provider’s stock, valued at approximately $125,482,000. Norges Bank owned approximately 1.36% of Western Alliance Bancorporation at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Clearstead Advisors LLC increased its stake in shares of Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 243 shares in the last quarter. Community Bank N.A. bought a new stake in Western Alliance Bancorporation during the third quarter worth about $37,000. Smartleaf Asset Management LLC grew its holdings in Western Alliance Bancorporation by 113.0% in the third 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 during the period. Leonteq Securities AG purchased a new stake in Western Alliance Bancorporation in the fourth quarter worth about $44,000. Finally, V Square Quantitative Management LLC bought a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $45,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WAL. Jefferies Financial Group reiterated an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Barclays cut their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 7th. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and lowered their price objective for the company from $83.00 to $79.00 in a research note on Monday, March 9th. Piper Sandler dropped their target price on Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Finally, Keefe, Bruyette & Woods increased their target price on Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.93.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $80.64 on Friday. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The company has a market capitalization of $8.80 billion, a P/E ratio of 9.39, a price-to-earnings-growth ratio of 0.59 and a beta of 1.34. The firm has a 50 day moving average of $77.05 and a 200 day moving average of $81.72. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The business had revenue of $968.40 million for the quarter, compared to analysts’ expectations of $944.18 million. During the same period in the prior year, the firm posted $1.79 EPS. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. As a group, equities research analysts anticipate that Western Alliance Bancorporation will post 9.8 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were 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 of this dividend was Thursday, May 14th. Western Alliance Bancorporation’s dividend payout ratio is presently 19.56%.

Western Alliance Bancorporation Company 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.