Smead Capital Management Inc. Has $116.78 Million Stake in Western Alliance Bancorporation (NYSE:WAL)

Smead Capital Management Inc. increased its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,350,195 shares of the financial services provider’s stock after purchasing an additional 45,543 shares during the quarter. Western Alliance Bancorporation makes up about 1.7% of Smead Capital Management Inc.’s investment portfolio, making the stock its 22nd biggest holding. Smead Capital Management Inc. owned 1.23% of Western Alliance Bancorporation worth $116,778,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Whalen Wealth Management Inc. bought a new stake in Western Alliance Bancorporation during the third quarter worth about $510,000. Pathstone Holdings LLC increased its position in shares of Western Alliance Bancorporation by 13.1% during the 3rd quarter. Pathstone Holdings LLC now owns 21,701 shares of the financial services provider’s stock worth $1,877,000 after purchasing an additional 2,509 shares during the last quarter. RiverPark Advisors LLC bought a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $155,000. Mutual of America Capital Management LLC acquired a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $5,099,000. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Western Alliance Bancorporation by 10.4% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,802,505 shares of the financial services provider’s stock valued at $155,899,000 after buying an additional 169,244 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

WAL opened at $89.24 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. Western Alliance Bancorporation has a 52-week low of $47.60 and a 52-week high of $96.45. The firm has a market cap of $9.82 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 1.42 and a beta of 1.44. The business’s fifty day moving average is $85.93 and its 200-day moving average is $74.89.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The firm 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%. Sell-side analysts expect that Western Alliance Bancorporation will post 7.13 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given 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 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s payout ratio is currently 23.46%.

Insiders Place Their Bets

In related news, Director Robert P. Latta sold 2,996 shares of the company’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 transaction of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares in the company, valued at $335,634. This represents a 42.48 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares of the company’s stock, valued at $650,843.43. The trade was a 58.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.75% of the company’s stock.

Analysts Set New Price Targets

WAL has been the subject of a number of recent analyst reports. Stephens reiterated an “overweight” rating and issued a $102.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Truist Financial lowered their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Wedbush raised their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Royal Bank of Canada set a $99.00 target price on Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average price target of $92.73.

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.