Western Alliance Bancorporation (NYSE:WAL) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its stake in Western Alliance Bancorporation (NYSE:WAL) by 19.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,506 shares of the financial services provider’s stock after selling 2,000 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Western Alliance Bancorporation were worth $711,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp lifted its holdings in Western Alliance Bancorporation by 46.2% in the third quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after acquiring an additional 1,418,472 shares during the last quarter. FMR LLC lifted its stake in shares of Western Alliance Bancorporation by 93.3% in the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock worth $241,568,000 after acquiring an additional 1,347,921 shares during the period. Norges Bank bought a new position in Western Alliance Bancorporation during the 4th quarter valued at $109,298,000. Principal Financial Group Inc. grew its holdings in Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after acquiring an additional 506,778 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth approximately $39,230,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $76.08 on Friday. The stock has a market cap of $8.40 billion, a PE ratio of 10.72, a P/E/G ratio of 0.63 and a beta of 1.43. 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 business’s 50-day moving average price is $84.44 and its two-hundred day moving average price is $85.96. Western Alliance Bancorporation has a 12-month low of $53.75 and a 12-month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. As a group, analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.41%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. DA Davidson dropped their price target on shares of Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. StockNews.com upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Tuesday, February 25th. UBS Group began coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a “buy” rating and a $115.00 target price on the stock. Finally, Piper Sandler increased their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.07.

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.