Congress Asset Management Co. MA Has $14.27 Million Stock Holdings in Western Alliance Bancorporation (NYSE:WAL)

Congress Asset Management Co. MA lifted its position in Western Alliance Bancorporation (NYSE:WAL) by 0.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,832 shares of the financial services provider’s stock after acquiring an additional 1,270 shares during the period. Congress Asset Management Co. MA owned approximately 0.20% of Western Alliance Bancorporation worth $14,265,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of WAL. Parkside Financial Bank & Trust increased its stake in Western Alliance Bancorporation by 422.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 760 shares in the last quarter. Rakuten Securities Inc. bought a new stake in Western Alliance Bancorporation during the 4th quarter worth approximately $65,000. Fortitude Family Office LLC bought a new stake in Western Alliance Bancorporation during the 4th quarter worth approximately $93,000. DekaBank Deutsche Girozentrale bought a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $177,000. Finally, PNC Financial Services Group Inc. increased its stake in Western Alliance Bancorporation by 120.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 3,959 shares of the financial services provider’s stock worth $182,000 after purchasing an additional 2,164 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Western Alliance Bancorporation

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

Western Alliance Bancorporation Stock Down 3.3 %

Shares of NYSE:WAL traded down $2.02 during midday trading on Friday, hitting $58.57. The stock had a trading volume of 913,083 shares, compared to its average volume of 757,229. Western Alliance Bancorporation has a 12 month low of $34.45 and a 12 month high of $70.23. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The business’s 50-day simple moving average is $60.50 and its 200-day simple moving average is $61.02. The company has a market cap of $6.45 billion, a P/E ratio of 8.54, a PEG ratio of 1.10 and a beta of 1.46.

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 (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same quarter last year, the firm posted $2.30 EPS. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 7.44 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Jefferies Financial Group lowered their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Wells Fargo & Company decreased their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. DA Davidson decreased their price target on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Wedbush reaffirmed an “outperform” rating and set a $70.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $72.47.

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.