Loomis Sayles & Co. L P Raises Stake in Western Alliance Bancorporation (NYSE:WAL)

Loomis Sayles & Co. L P grew its holdings in Western Alliance Bancorporation (NYSE:WAL) by 35.3% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 187,163 shares of the financial services provider’s stock after buying an additional 48,847 shares during the period. Loomis Sayles & Co. L P’s holdings in Western Alliance Bancorporation were worth $16,188,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in WAL. O Shaughnessy Asset Management LLC purchased a new stake in Western Alliance Bancorporation during the 1st quarter valued at approximately $217,000. CANADA LIFE ASSURANCE Co raised its stake in shares of Western Alliance Bancorporation by 7.1% during the first quarter. CANADA LIFE ASSURANCE Co now owns 48,803 shares of the financial services provider’s stock worth $3,131,000 after purchasing an additional 3,221 shares during the last quarter. Plato Investment Management Ltd lifted its holdings in shares of Western Alliance Bancorporation by 246.1% during the first quarter. Plato Investment Management Ltd now owns 1,883 shares of the financial services provider’s stock worth $121,000 after purchasing an additional 1,339 shares during the period. Westwood Holdings Group Inc. grew its position in Western Alliance Bancorporation by 51.8% in the 1st quarter. Westwood Holdings Group Inc. now owns 333,204 shares of the financial services provider’s stock valued at $21,388,000 after buying an additional 113,727 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. acquired a new position in Western Alliance Bancorporation in the 1st quarter valued at $909,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Down 1.7 %

WAL stock opened at $94.03 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 12 month low of $47.60 and a 12 month high of $98.10. The firm has a market capitalization of $10.35 billion, a PE ratio of 14.51, a P/E/G ratio of 1.51 and a beta of 1.44. The company’s 50 day simple moving average is $87.29 and its 200-day simple moving average is $76.14.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The company had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Equities analysts expect that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a $0.38 dividend. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.62%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on WAL. Barclays raised their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Royal Bank of Canada set a $99.00 price objective on Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. Wedbush increased their target price on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Piper Sandler decreased their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Finally, Stephens reiterated an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.73.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the transaction, the director now owns 4,056 shares of the company’s stock, valued at $335,634. The trade was a 42.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.75% of the stock is owned by insiders.

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.