Philadelphia Financial Management of San Francisco LLC Acquires New Stake in Western Alliance Bancorporation (NYSE:WAL)

Philadelphia Financial Management of San Francisco LLC bought a new stake in Western Alliance Bancorporation (NYSE:WAL) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 187,885 shares of the financial services provider’s stock, valued at approximately $16,250,000. Western Alliance Bancorporation comprises approximately 2.6% of Philadelphia Financial Management of San Francisco LLC’s investment portfolio, making the stock its 11th biggest position. Philadelphia Financial Management of San Francisco LLC owned about 0.17% of Western Alliance Bancorporation as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after buying an additional 636,577 shares during the last quarter. William Blair Investment Management LLC increased its position in Western Alliance Bancorporation by 0.7% during the second quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock worth $176,764,000 after purchasing an additional 20,876 shares during the last quarter. FMR LLC raised its stake in Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock worth $241,568,000 after purchasing an additional 1,347,921 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Western Alliance Bancorporation by 4.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock valued at $164,019,000 after purchasing an additional 74,956 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in shares of Western Alliance Bancorporation by 10.4% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,802,505 shares of the financial services provider’s stock worth $155,899,000 after purchasing an additional 169,244 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on WAL. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their price objective for the company from $83.00 to $101.00 in a research report on Monday, October 7th. Truist Financial reduced their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. dropped their price objective on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Finally, Wells Fargo & Company raised their price target on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.40.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $92.78 on Wednesday. The stock has a market cap of $10.21 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.47 and a beta of 1.45. Western Alliance Bancorporation has a 12 month low of $53.22 and a 12 month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The business has a fifty day simple moving average of $87.98 and a 200-day simple moving average of $77.16.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The business had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.64%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction 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 of the company’s stock, valued at approximately $335,634. This trade represents a 42.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Company 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.