Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Patient Capital Management LLC

Patient Capital Management LLC lowered its stake in Western Alliance Bancorporation (NYSE:WAL) by 0.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 456,883 shares of the financial services provider’s stock after selling 1,472 shares during the quarter. Patient Capital Management LLC owned about 0.42% of Western Alliance Bancorporation worth $30,058,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WAL. Natixis Investment Managers International purchased a new position in Western Alliance Bancorporation in the 4th quarter worth about $1,107,000. Seven Eight Capital LP purchased a new position in shares of Western Alliance Bancorporation in the fourth quarter worth approximately $2,242,000. Westwood Holdings Group Inc. acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $14,439,000. Petiole USA ltd lifted its position in shares of Western Alliance Bancorporation by 8.0% in the 4th quarter. Petiole USA ltd now owns 67,273 shares of the financial services provider’s stock valued at $4,426,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Western Alliance Bancorporation by 166.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 32,349 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 20,198 shares during the period. Institutional investors own 79.15% of the company’s stock.

Analysts Set New Price Targets

WAL has been the subject of several research reports. Wedbush restated an “outperform” rating and set a $70.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Hovde Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price for the company. Barclays cut their price target on shares of Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating on the stock in a report on Tuesday, April 23rd. Keefe, Bruyette & Woods decreased their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Finally, StockNews.com raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.47.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the business’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at $361,831.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Price Performance

NYSE WAL traded down $0.48 on Thursday, reaching $60.58. The company’s stock had a trading volume of 628,080 shares, compared to its average volume of 1,252,194. The firm has a market cap of $6.67 billion, a PE ratio of 8.88, a price-to-earnings-growth ratio of 1.09 and a beta of 1.46. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21. Western Alliance Bancorporation has a 52 week low of $34.45 and a 52 week high of $70.23. The business has a 50-day moving average price of $60.52 and a 200 day moving average price of $60.80.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. During the same period in the prior year, the business posted $2.30 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were given a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 annualized dividend and a yield of 2.44%. Western Alliance Bancorporation’s payout ratio is 21.57%.

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.