State of New Jersey Common Pension Fund D Raises Stock Position in Western Alliance Bancorporation (NYSE:WAL)

State of New Jersey Common Pension Fund D lifted its stake in Western Alliance Bancorporation (NYSE:WAL) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,931 shares of the financial services provider’s stock after purchasing an additional 1,790 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Western Alliance Bancorporation were worth $3,108,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of WAL. Vanguard Group Inc. boosted its position in Western Alliance Bancorporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after acquiring an additional 395,101 shares in the last quarter. SG Americas Securities LLC grew its stake in Western Alliance Bancorporation by 1,706.9% in the first quarter. SG Americas Securities LLC now owns 30,898 shares of the financial services provider’s stock worth $1,983,000 after purchasing an additional 29,188 shares during the period. M&G Plc raised its holdings in Western Alliance Bancorporation by 12.4% in the second quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock worth $8,421,000 after purchasing an additional 14,734 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Western Alliance Bancorporation by 1.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock valued at $102,603,000 after buying an additional 20,254 shares during the period. Finally, First Hawaiian Bank bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $474,000. Institutional investors own 79.15% of the company’s stock.

Insider Activity

In related news, Director Robert P. Latta sold 2,996 shares of the firm’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 transaction, the director now owns 4,056 shares of the company’s stock, valued at approximately $335,634. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Down 0.4 %

WAL opened at $93.01 on Wednesday. Western Alliance Bancorporation has a twelve month low of $43.20 and a twelve month high of $96.45. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average price of $84.79 and a 200-day moving average price of $73.73. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 1.42 and a beta of 1.44.

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 net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million for the quarter, compared to the consensus estimate of $811.40 million. Equities research analysts forecast that Western Alliance Bancorporation will post 7.13 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s payout ratio is currently 23.46%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WAL. Stephens reissued an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research report on Friday, October 18th. Truist Financial reduced their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their target price for the stock from $83.00 to $101.00 in a report on Monday, October 7th. Finally, Wells Fargo & Company increased their target price on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and a consensus target price of $92.73.

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.