The Manufacturers Life Insurance Company Sells 178,491 Shares of Western Alliance Bancorporation $WAL

The Manufacturers Life Insurance Company lowered its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 28.7% in the first quarter, Holdings Channel.com reports. The firm owned 443,113 shares of the financial services provider’s stock after selling 178,491 shares during the period. The Manufacturers Life Insurance Company’s holdings in Western Alliance Bancorporation were worth $34,044,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. HWG Holdings LP bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at approximately $25,000. Tsfg LLC bought a new position in Western Alliance Bancorporation during the 1st quarter valued at $33,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Western Alliance Bancorporation during the 1st quarter valued at $58,000. National Bank of Canada FI grew its stake in shares of Western Alliance Bancorporation by 22.7% in the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 141 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Western Alliance Bancorporation by 91.5% in the first quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider’s stock valued at $78,000 after purchasing an additional 482 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Stock Up 0.7%

WAL stock opened at $89.64 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86. The company has a market capitalization of $9.89 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 0.62 and a beta of 1.39. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The stock has a fifty day moving average of $82.28 and a 200-day moving average of $77.18.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.04 by $0.03. The business had revenue of $836.21 million for the quarter, compared to analysts’ expectations of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.During the same period in the previous year, the business posted $1.75 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Thursday, August 14th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation’s dividend payout ratio is presently 19.97%.

Insider Buying and Selling

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the transaction, the insider directly owned 24,759 shares of the company’s stock, valued at approximately $2,077,527.69. This trade represents a 9.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.75% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on WAL. Citigroup reissued a “neutral” rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. Piper Sandler lifted their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. DA Davidson upped their price objective on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, July 21st. JPMorgan Chase & Co. lifted their target price on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Truist Financial cut their price target on shares of Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, July 21st. Twelve investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $97.79.

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.