Sei Investments Co. Raises Position in Western Alliance Bancorporation $WAL

Sei Investments Co. increased its stake in Western Alliance Bancorporation (NYSE:WAL) by 42.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 88,282 shares of the financial services provider’s stock after buying an additional 26,161 shares during the quarter. Sei Investments Co.’s holdings in Western Alliance Bancorporation were worth $6,255,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. M&T Bank Corp raised its stake in shares of Western Alliance Bancorporation by 7,920.9% during the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock valued at $26,535,000 after purchasing an additional 311,689 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Western Alliance Bancorporation by 2,313.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 18,895 shares of the financial services provider’s stock valued at $1,589,000 after purchasing an additional 18,112 shares during the period. Independent Financial Group LLC acquired a new stake in Western Alliance Bancorporation during the 1st quarter valued at $924,000. Hsbc Holdings PLC grew its holdings in Western Alliance Bancorporation by 635.0% during the 1st quarter. Hsbc Holdings PLC now owns 48,366 shares of the financial services provider’s stock valued at $3,409,000 after purchasing an additional 41,786 shares in the last quarter. Finally, Oak Thistle LLC purchased a new stake in Western Alliance Bancorporation during the 4th quarter worth $1,393,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Western Alliance Bancorporation Trading Up 2.9%

NYSE WAL opened at $82.86 on Tuesday. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 9.33, a price-to-earnings-growth ratio of 0.78 and a beta of 1.34. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.80. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The company’s fifty day moving average price is $81.08 and its two-hundred day moving average price is $80.89.

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

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, August 13th. Western Alliance Bancorporation’s payout ratio is currently 18.92%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WAL shares. Citigroup boosted their price objective on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. Stephens set a $95.00 target price on Western Alliance Bancorporation and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. 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. JPMorgan Chase & Co. increased their price target on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “neutral” rating in a report on Thursday, July 23rd. Finally, TD Cowen raised their price objective on Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a “hold” rating in a research note on Monday, July 27th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.82.

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.