Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. decreased its position in Western Alliance Bancorporation (NYSE:WAL) by 47.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,506 shares of the financial services provider’s stock after selling 9,438 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Western Alliance Bancorporation were worth $909,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation during the first quarter valued at approximately $27,000. V Square Quantitative Management LLC purchased a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth $31,000. ORG Wealth Partners LLC acquired a new position in Western Alliance Bancorporation in the third quarter valued at $33,000. ORG Partners LLC purchased a new stake in Western Alliance Bancorporation during the second quarter valued at about $36,000. Finally, UMB Bank n.a. increased its stake in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 249 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Western Alliance Bancorporation

In other news, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares in the company, valued at approximately $650,843.43. This trade represents a 58.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now owns 4,056 shares in the company, valued at $335,634. The trade was a 42.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Piper Sandler decreased their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Barclays increased their price objective on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company raised their target price on Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Western Alliance Bancorporation Stock Down 1.0 %

Shares of NYSE:WAL opened at $91.87 on Friday. The stock has a market capitalization of $10.11 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.46 and a beta of 1.44. Western Alliance Bancorporation has a 1-year low of $47.54 and a 1-year high of $96.45. The company’s fifty day moving average is $85.30 and its two-hundred day moving average is $74.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The company had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. Equities analysts anticipate that Western Alliance Bancorporation will post 7.13 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Friday, November 15th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s payout ratio is 22.84%.

Western Alliance Bancorporation Profile

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.