Engineers Gate Manager LP Raises Stock Position in Western Alliance Bancorporation $WAL

Engineers Gate Manager LP lifted its stake in Western Alliance Bancorporation (NYSE:WAL) by 138.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 43,771 shares of the financial services provider’s stock after buying an additional 25,446 shares during the quarter. Engineers Gate Manager LP’s holdings in Western Alliance Bancorporation were worth $3,598,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. NewEdge Advisors LLC increased its position in shares of Western Alliance Bancorporation by 71.2% during the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock valued at $600,000 after buying an additional 3,249 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Western Alliance Bancorporation by 513.5% during the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,448 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Western Alliance Bancorporation by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after acquiring an additional 21,642 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock worth $26,701,000 after acquiring an additional 35,276 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in shares of Western Alliance Bancorporation by 11.3% in the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock valued at $547,000 after purchasing an additional 713 shares during the period. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $79.27 on Friday. The business’s fifty day moving average price is $80.93 and its 200-day moving average price is $78.77. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of 8.93, a PEG ratio of 0.76 and a beta of 1.33. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts’ consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The company had revenue of $995.70 million during the quarter, compared to analysts’ expectations of $980.53 million. During the same quarter in the prior year, the business earned $2.07 earnings per share. Western Alliance Bancorporation’s revenue for the quarter was up 17.7% compared to the same quarter last year. On average, equities analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio is presently 18.92%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on WAL shares. Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. Truist Financial raised their target price on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a “neutral” rating in a research note on Thursday, July 23rd. Finally, Mizuho set a $96.00 price objective on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.47.

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 and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners’ associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.