Wellington Management Group LLP Decreases Holdings in Western Alliance Bancorporation $WAL

Wellington Management Group LLP reduced its stake in Western Alliance Bancorporation (NYSE:WAL) by 6.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,389,690 shares of the financial services provider’s stock after selling 311,575 shares during the period. Wellington Management Group LLP’s holdings in Western Alliance Bancorporation were worth $360,833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth about $26,000. Clearstead Advisors LLC grew its stake in shares of Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after buying an additional 243 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at about $38,000. Assetmark Inc. raised its holdings in shares of Western Alliance Bancorporation by 86.0% during the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock valued at $40,000 after buying an additional 259 shares during the period. Finally, Compound Global Advisors LLC purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $41,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $78.72 on Monday. The firm has a market cap of $8.59 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 0.76 and a beta of 1.34. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93. The business’s 50 day moving average is $81.29 and its two-hundred day moving average is $79.66. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same quarter in the previous year, the firm earned $2.07 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. Analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given 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, August 13th. Western Alliance Bancorporation’s dividend payout ratio is currently 18.92%.

Analyst Ratings Changes

A number of equities analysts have weighed in on WAL shares. Mizuho set a $96.00 price target on Western Alliance Bancorporation in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Thursday, July 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a research note on Friday, August 21st. DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday, July 22nd. Finally, Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and a consensus target price of $95.47.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the sale, the chief accounting officer directly owned 3,485 shares of the company’s stock, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.76% of the company’s stock.

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.