Franklin Resources Inc. Purchases 53,013 Shares of Western Alliance Bancorporation (NYSE:WAL)

Franklin Resources Inc. boosted its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 16.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 367,985 shares of the financial services provider’s stock after acquiring an additional 53,013 shares during the period. Franklin Resources Inc. owned approximately 0.33% of Western Alliance Bancorporation worth $30,741,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Retirement Systems of Alabama bought a new position in shares of Western Alliance Bancorporation during the 3rd quarter valued at about $11,461,000. New York State Common Retirement Fund lifted its stake in Western Alliance Bancorporation by 9.3% in the fourth quarter. New York State Common Retirement Fund now owns 96,839 shares of the financial services provider’s stock valued at $8,090,000 after buying an additional 8,201 shares in the last quarter. Norden Group LLC acquired a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $727,000. Generate Investment Management Ltd increased its position in shares of Western Alliance Bancorporation by 0.7% during the fourth quarter. Generate Investment Management Ltd now owns 417,075 shares of the financial services provider’s stock worth $34,842,000 after acquiring an additional 2,772 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Western Alliance Bancorporation by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,880,681 shares of the financial services provider’s stock worth $162,701,000 after acquiring an additional 120,729 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $61.95 on Friday. The stock has a market cap of $6.84 billion, a PE ratio of 8.73, a P/E/G ratio of 0.63 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 12-month low of $53.75 and a 12-month high of $98.10. The business’s 50-day moving average price is $82.44 and its two-hundred day moving average price is $85.63.

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, beating 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. Stockholders of record on Friday, February 14th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Friday, February 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.41%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. UBS Group started coverage on Western Alliance Bancorporation in a research report on Tuesday, December 17th. They set a “buy” rating and a $115.00 price target for the company. Stephens reaffirmed an “overweight” rating and issued a $103.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, January 28th. DA Davidson cut 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 report 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. Finally, JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and a consensus price target of $98.07.

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.