Ameriprise Financial Inc. Boosts Stake in Western Alliance Bancorporation (NYSE:WAL)

Ameriprise Financial Inc. increased its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 0.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 355,830 shares of the financial services provider’s stock after buying an additional 1,743 shares during the quarter. Ameriprise Financial Inc.’s holdings in Western Alliance Bancorporation were worth $29,726,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Western Alliance Bancorporation in the 4th quarter valued at about $109,298,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock valued at $151,604,000 after purchasing an additional 648,983 shares during the period. Bank of Montreal Can raised its stake in shares of Western Alliance Bancorporation by 973.1% during the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider’s stock worth $35,239,000 after purchasing an additional 382,513 shares during the last quarter. Global Frontier Investments LLC acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $23,809,000. Finally, Invesco Ltd. grew its position in Western Alliance Bancorporation by 5.1% in the 4th quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider’s stock valued at $479,207,000 after buying an additional 278,041 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $79.89 on Wednesday. The stock has a fifty day moving average price of $71.59 and a 200 day moving average price of $82.22. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The stock has a market cap of $8.82 billion, a PE ratio of 11.25, a P/E/G ratio of 0.63 and a beta of 1.30. Western Alliance Bancorporation has a 1 year low of $56.70 and a 1 year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.01. The business had revenue of $790.10 million during the quarter, compared to the consensus estimate of $792.25 million. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same quarter in the previous year, the company posted $1.72 EPS. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 30th. Stockholders of record on Thursday, May 15th will be given a $0.38 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.90%. Western Alliance Bancorporation’s dividend payout ratio is presently 20.85%.

Wall Street Analysts Forecast Growth

WAL has been the subject of a number of analyst reports. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Monday. Piper Sandler boosted their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Truist Financial assumed coverage on shares of Western Alliance Bancorporation in a report on Tuesday. They set a “buy” rating and a $92.00 price target for the company. DA Davidson lowered their price objective on Western Alliance Bancorporation from $106.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Finally, Barclays cut their target price on Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $96.38.

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.