Western Alliance Bancorporation (NYSE:WAL) Short Interest Update

Western Alliance Bancorporation (NYSE:WAL) was the recipient of a large decrease in short interest in August. As of August 31st, there was short interest totalling 1,350,000 shares, a decrease of 26.2% from the August 15th total of 1,830,000 shares. Currently, 1.3% of the company’s shares are sold short. Based on an average daily trading volume, of 646,900 shares, the short-interest ratio is presently 2.1 days.

A number of equities analysts recently issued reports on WAL shares. Zacks Investment Research cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Thursday, September 16th. Royal Bank of Canada raised their price objective on Western Alliance Bancorporation from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, July 19th. Finally, TheStreet cut Western Alliance Bancorporation from a “b” rating to a “c+” rating in a research note on Monday, August 30th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $95.15.

Shares of Western Alliance Bancorporation stock traded up $0.61 during trading hours on Tuesday, hitting $96.50. 551,785 shares of the company’s stock traded hands, compared to its average volume of 732,486. Western Alliance Bancorporation has a 12-month low of $30.34 and a 12-month high of $109.84. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of 13.21 and a beta of 1.69. The company has a fifty day simple moving average of $96.65 and a 200-day simple moving average of $97.59. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.90 and a quick ratio of 0.79.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Wednesday, July 14th. The financial services provider reported $2.17 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.15. Western Alliance Bancorporation had a return on equity of 21.08% and a net margin of 47.52%. The company had revenue of $506.50 million during the quarter, compared to analyst estimates of $494.56 million. During the same quarter last year, the firm posted $0.93 EPS. On average, analysts forecast that Western Alliance Bancorporation will post 8.63 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 27th. Investors of record on Friday, August 13th were issued a $0.35 dividend. The ex-dividend date of this dividend was Thursday, August 12th. This represents a $1.40 annualized dividend and a yield of 1.45%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.25. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 27.78%.

In other Western Alliance Bancorporation news, Chairman Robert Gary Sarver purchased 200,000 shares of the business’s stock in a transaction on Wednesday, September 15th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the chairman now owns 48,044 shares of the company’s stock, valued at $1,201,100. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven J. Hilton bought 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 15th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the acquisition, the director now owns 3,074 shares in the company, valued at $76,850. The disclosure for this purchase can be found here. 2.81% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in Western Alliance Bancorporation by 3.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,835,467 shares of the financial services provider’s stock worth $1,098,923,000 after acquiring an additional 360,842 shares during the last quarter. Vanguard Group Inc. increased its holdings in Western Alliance Bancorporation by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 8,552,690 shares of the financial services provider’s stock worth $794,117,000 after acquiring an additional 272,777 shares during the last quarter. Capital International Investors increased its holdings in Western Alliance Bancorporation by 35.0% in the 2nd quarter. Capital International Investors now owns 5,595,837 shares of the financial services provider’s stock worth $519,573,000 after acquiring an additional 1,452,085 shares during the last quarter. BlackRock Inc. boosted its stake in Western Alliance Bancorporation by 3.7% in the 1st quarter. BlackRock Inc. now owns 4,471,341 shares of the financial services provider’s stock worth $422,272,000 after purchasing an additional 158,102 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in Western Alliance Bancorporation by 212.3% in the 1st quarter. Lord Abbett & CO. LLC now owns 3,383,742 shares of the financial services provider’s stock worth $319,562,000 after purchasing an additional 2,300,102 shares during the period. 85.80% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial; Consumer Related, and Corporate and Other. The Commercial segment focuses in delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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