Prudential Financial Inc. Raises Stock Holdings in Western Alliance Bancorporation $WAL

Prudential Financial Inc. boosted its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 128.8% during the second quarter, Holdings Channel.com reports. The firm owned 24,655 shares of the financial services provider’s stock after purchasing an additional 13,878 shares during the quarter. Prudential Financial Inc.’s holdings in Western Alliance Bancorporation were worth $1,923,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in WAL. Cetera Investment Advisers lifted its position in shares of Western Alliance Bancorporation by 27.6% during the first quarter. Cetera Investment Advisers now owns 6,304 shares of the financial services provider’s stock valued at $484,000 after buying an additional 1,364 shares during the last quarter. Federated Hermes Inc. lifted its position in Western Alliance Bancorporation by 9.8% during the first quarter. Federated Hermes Inc. now owns 12,040 shares of the financial services provider’s stock valued at $925,000 after acquiring an additional 1,075 shares during the last quarter. Deutsche Bank AG boosted its stake in Western Alliance Bancorporation by 215.8% in the first quarter. Deutsche Bank AG now owns 18,993 shares of the financial services provider’s stock valued at $1,459,000 after acquiring an additional 12,979 shares in the last quarter. National Bank of Canada FI grew its holdings in Western Alliance Bancorporation by 22.7% in the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 141 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its position in shares of Western Alliance Bancorporation by 272.0% during the first quarter. Wolverine Asset Management LLC now owns 12,864 shares of the financial services provider’s stock worth $988,000 after purchasing an additional 9,406 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $85.43 on Friday. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $95.00. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.61. The company has a market cap of $9.40 billion, a PE ratio of 10.56, a price-to-earnings-growth ratio of 0.59 and a beta of 1.37. The company’s 50 day moving average is $79.77 and its 200 day moving average is $80.72.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $1.91 EPS for the quarter. The business had revenue of $718.00 million for the quarter. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Shareholders of record on Thursday, November 13th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Thursday, November 13th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 20.77%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on WAL shares. Cowen assumed coverage on Western Alliance Bancorporation in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Royal Bank Of Canada boosted their price target on Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Truist Financial increased their price objective on shares of Western Alliance Bancorporation from $92.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, October 23rd. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Barclays restated an “overweight” rating on shares of Western Alliance Bancorporation in a research note on Wednesday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.53.

Insider Activity

In related news, CFO Dale Gibbons bought 4,000 shares of the stock in a transaction dated Thursday, October 30th. The shares were purchased at an average price of $77.00 per share, for a total transaction of $308,000.00. Following the completion of the purchase, the chief financial officer directly owned 300,358 shares of the company’s stock, valued at $23,127,566. This represents a 1.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.68% of the stock is currently owned by company insiders.

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.