Westfield Capital Management Co. LP Purchases Shares of 443,825 Western Alliance Bancorporation (NYSE:WAL)

Westfield Capital Management Co. LP acquired a new position in Western Alliance Bancorporation (NYSE:WAL) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 443,825 shares of the financial services provider’s stock, valued at approximately $38,386,000. Westfield Capital Management Co. LP owned about 0.40% of Western Alliance Bancorporation as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Russell Investments Group Ltd. lifted its stake in Western Alliance Bancorporation by 0.6% during the 1st quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after acquiring an additional 164 shares during the period. O Shaughnessy Asset Management LLC acquired a new position in Western Alliance Bancorporation during the first quarter valued at $217,000. CANADA LIFE ASSURANCE Co boosted its holdings in Western Alliance Bancorporation by 7.1% in the first quarter. CANADA LIFE ASSURANCE Co now owns 48,803 shares of the financial services provider’s stock valued at $3,131,000 after purchasing an additional 3,221 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Western Alliance Bancorporation by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock worth $328,165,000 after purchasing an additional 717,242 shares during the period. Finally, Plato Investment Management Ltd raised its stake in shares of Western Alliance Bancorporation by 246.1% during the 1st quarter. Plato Investment Management Ltd now owns 1,883 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,339 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. This trade represents a 42.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.75% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on WAL shares. Piper Sandler dropped their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a research note on Friday, October 18th. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Stephens reaffirmed an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, October 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL opened at $93.65 on Monday. 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 1 year low of $47.60 and a 1 year high of $96.45. The firm has a market capitalization of $10.31 billion, a PE ratio of 14.45, a P/E/G ratio of 1.47 and a beta of 1.44. The business’s 50 day moving average price is $86.81 and its 200-day moving average price is $75.70.

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

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued 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 dividend on an annualized basis and a yield of 1.62%. Western Alliance Bancorporation’s dividend payout ratio is presently 23.46%.

Western Alliance Bancorporation Company 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.