DnB Asset Management AS Boosts Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

DnB Asset Management AS lifted its stake in Western Alliance Bancorporation (NYSE:WAL) by 23.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 192,687 shares of the financial services provider’s stock after buying an additional 36,984 shares during the period. DnB Asset Management AS’s holdings in Western Alliance Bancorporation were worth $16,097,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. State Street Corp grew its holdings in Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after acquiring an additional 1,418,472 shares during the last quarter. FMR LLC raised its stake in shares of 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 valued at $241,568,000 after acquiring an additional 1,347,921 shares during the last quarter. Norges Bank purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth about $109,298,000. Principal Financial Group Inc. grew its stake in shares of Western Alliance Bancorporation by 6,342.7% in the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after purchasing an additional 506,778 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Western Alliance Bancorporation during the 3rd quarter valued at approximately $39,230,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of Western Alliance Bancorporation in a research report on Tuesday, January 28th. UBS Group assumed coverage on shares of Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a “buy” rating and a $115.00 price target on the stock. DA Davidson decreased their price objective on shares of Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Wells Fargo & Company cut their target price on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $98.07.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $76.08 on Friday. The firm’s 50-day moving average price is $84.44 and its 200-day moving average price is $85.92. Western Alliance Bancorporation has a 52-week low of $53.75 and a 52-week high of $98.10. The company has a market cap of $8.40 billion, a PE ratio of 10.72, a PEG ratio of 0.63 and a beta of 1.43. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.92 by $0.03. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. As a group, analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Friday, February 14th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.41%.

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.