Geode Capital Management LLC Sells 59,616 Shares of Western Alliance Bancorporation (NYSE:WAL)

Geode Capital Management LLC decreased its holdings in Western Alliance Bancorporation (NYSE:WAL) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,821,065 shares of the financial services provider’s stock after selling 59,616 shares during the quarter. Geode Capital Management LLC’s holdings in Western Alliance Bancorporation were worth $152,179,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in Western Alliance Bancorporation during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC grew its holdings in Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 117 shares during the period. Fifth Third Bancorp raised its position in shares of Western Alliance Bancorporation by 70.1% in the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 136 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Western Alliance Bancorporation by 115.6% in the 4th quarter. Allworth Financial LP now owns 401 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 215 shares during the period. Finally, Atala Financial Inc bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at about $44,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $61.94 on Tuesday. Western Alliance Bancorporation has a 52-week low of $53.75 and a 52-week high of $98.10. The business’s fifty day moving average is $81.79 and its 200 day moving average is $85.45. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm has a market cap of $6.84 billion, a price-to-earnings ratio of 8.72, a PEG ratio of 0.63 and a beta of 1.29.

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 for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. Research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.45%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.41%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on WAL shares. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating for the company in a research report on Monday, January 6th. UBS Group started coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They set a “buy” rating and a $115.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Piper Sandler increased their price target on Western Alliance Bancorporation from $115.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, DA Davidson reduced their price target on shares of Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.