Oliver Luxxe Assets LLC Grows Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Oliver Luxxe Assets LLC grew its holdings in shares of Western Alliance Bancorporation (NYSE:WAL) by 36.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,809 shares of the financial services provider’s stock after purchasing an additional 12,776 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in Western Alliance Bancorporation were worth $4,135,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Exchange Traded Concepts LLC increased its position in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 19,152 shares of the financial services provider’s stock valued at $1,656,000 after purchasing an additional 648 shares during the last quarter. Inspire Investing LLC raised its holdings in Western Alliance Bancorporation by 36.7% during the 3rd quarter. Inspire Investing LLC now owns 13,422 shares of the financial services provider’s stock valued at $1,161,000 after buying an additional 3,601 shares during the period. Watts Gwilliam & Co. LLC purchased a new stake in Western Alliance Bancorporation during the 3rd quarter valued at $203,000. UMB Bank n.a. raised its holdings in Western Alliance Bancorporation by 136.8% during the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after buying an additional 249 shares during the period. Finally, Wedmont Private Capital raised its holdings in Western Alliance Bancorporation by 5.7% during the 3rd quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider’s stock valued at $429,000 after buying an additional 276 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of WAL stock opened at $88.69 on Monday. Western Alliance Bancorporation has a 1-year low of $38.81 and a 1-year high of $88.92. The stock’s 50-day moving average is $80.92 and its 200 day moving average is $69.68. The company has a market cap of $9.76 billion, a P/E ratio of 13.34, a PEG ratio of 1.29 and a beta of 1.44. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.96 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 7.42 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s payout ratio is 22.26%.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation 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 completion of the transaction, the insider now directly owns 7,977 shares in the company, valued at approximately $650,843.43. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,265 shares of company stock worth $1,700,391 over the last three months. 2.75% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on WAL shares. Piper Sandler increased their price target on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Jefferies Financial Group increased their target price on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. increased their target price on Western Alliance Bancorporation from $100.00 to $107.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $101.00 in a research note on Monday, October 7th. Finally, Truist Financial increased their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $89.53.

Western Alliance Bancorporation 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.