Brown Brothers Harriman & Co. Sells 20,000 Shares of Western Alliance Bancorporation (NYSE:WAL)

Brown Brothers Harriman & Co. lowered its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 17.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 92,000 shares of the financial services provider’s stock after selling 20,000 shares during the period. Brown Brothers Harriman & Co.’s holdings in Western Alliance Bancorporation were worth $7,957,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. M&G Plc grew its position in shares of Western Alliance Bancorporation by 12.4% during the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock valued at $8,421,000 after purchasing an additional 14,734 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew 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 worth $102,603,000 after buying an additional 20,254 shares in the last quarter. First Hawaiian Bank bought a new position in Western Alliance Bancorporation in the 2nd quarter worth about $474,000. Mutual of America Capital Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $5,099,000. Finally, Bank of Montreal Can boosted its position in shares of Western Alliance Bancorporation by 41.4% during the 2nd quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock valued at $37,475,000 after acquiring an additional 174,682 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Trading Up 2.2 %

Shares of WAL stock opened at $95.73 on Tuesday. The business has a 50-day moving average of $87.08 and a 200 day moving average of $75.92. 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 $98.10. The stock has a market capitalization of $10.54 billion, a PE ratio of 14.77, a P/E/G ratio of 1.47 and a beta of 1.44.

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 for the quarter, missing the consensus estimate of $1.90 by ($0.10). The company had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 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. Investors of record on Friday, November 15th will be issued a dividend of $0.38 per share. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 23.46%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was 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 owns 4,056 shares of the company’s stock, valued at $335,634. This represents a 42.48 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.75% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WAL has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Barclays upped their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Wedbush raised their price target 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. Finally, Truist Financial dropped their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.73.

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.