CIBC Asset Management Inc Boosts Stake in Western Alliance Bancorporation (NYSE:WAL)

CIBC Asset Management Inc raised its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 5.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,387 shares of the financial services provider’s stock after buying an additional 167 shares during the period. CIBC Asset Management Inc’s holdings in Western Alliance Bancorporation were worth $283,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Retirement Systems of Alabama acquired a new stake in shares of Western Alliance Bancorporation during the third quarter valued at $11,461,000. Franklin Resources Inc. lifted its holdings in Western Alliance Bancorporation by 17.0% in the 3rd quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock valued at $27,970,000 after purchasing an additional 45,764 shares in the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth about $5,099,000. BNP Paribas Financial Markets grew its holdings in shares of Western Alliance Bancorporation by 1,091.8% during the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock worth $2,947,000 after buying an additional 31,214 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $3,612,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Monday, February 17th. UBS Group initiated coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They set a “buy” rating and a $115.00 price objective on the stock. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating for the company in a research note on Monday, January 6th. Barclays raised their price target on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Stephens reaffirmed an “overweight” rating and set a $103.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $98.07.

Western Alliance Bancorporation Price Performance

WAL opened at $86.12 on Tuesday. Western Alliance Bancorporation has a 52-week low of $53.75 and a 52-week high of $98.10. The company has a 50 day moving average of $86.70 and a two-hundred day moving average of $85.95. The company has a market cap of $9.48 billion, a P/E ratio of 12.13, a P/E/G ratio of 0.63 and a beta of 1.46. 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 announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. On average, analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, February 14th. This represents a $1.52 annualized dividend and a dividend yield of 1.76%. Western Alliance Bancorporation’s payout ratio is currently 21.41%.

About Western Alliance Bancorporation

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.