Wolverine Asset Management LLC Acquires Shares of 2,394 Western Alliance Bancorporation (NYSE:WAL)

Wolverine Asset Management LLC bought a new position in shares of Western Alliance Bancorporation (NYSE:WAL) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 2,394 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other hedge funds have also modified their holdings of WAL. Russell Investments Group Ltd. lifted its stake in Western Alliance Bancorporation by 0.6% in the first quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after buying an additional 164 shares during the period. Blue Trust Inc. raised its position in shares of Western Alliance Bancorporation by 58.4% in the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 187 shares during the period. Versant Capital Management Inc boosted its stake in Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. UMB Bank n.a. grew its holdings in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 249 shares during the period. Finally, Signaturefd LLC increased its stake in Western Alliance Bancorporation by 18.7% in the third quarter. Signaturefd LLC now owns 1,598 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 252 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Stock Down 1.0 %

NYSE:WAL opened at $91.87 on Friday. Western Alliance Bancorporation has a twelve month low of $47.54 and a twelve month high of $96.45. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 1.46 and a beta of 1.44. 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 stock’s 50 day moving average price is $85.30 and its two-hundred day moving average price is $74.10.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share 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%. Equities research analysts expect that Western Alliance Bancorporation will post 7.13 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.65%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 22.84%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on WAL shares. Wedbush lifted their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Piper Sandler decreased their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Truist Financial decreased their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Stephens restated an “overweight” rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.73.

Insiders Place Their Bets

In related news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 58.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. This represents a 42.48 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.

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.