MetLife Investment Management LLC Increases Stake in Western Alliance Bancorporation (NYSE:WAL)

MetLife Investment Management LLC grew its position in Western Alliance Bancorporation (NYSE:WAL) by 2,830.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 56,350 shares of the financial services provider’s stock after buying an additional 54,427 shares during the period. MetLife Investment Management LLC owned approximately 0.05% of Western Alliance Bancorporation worth $4,874,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WAL. V Square Quantitative Management LLC purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth approximately $31,000. ORG Wealth Partners LLC bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth $33,000. UMB Bank n.a. raised its stake in shares of Western Alliance Bancorporation by 136.8% in the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 249 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of Western Alliance Bancorporation by 58.4% during the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 187 shares in the last quarter. Finally, ORG Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the second quarter valued at $36,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $93.61 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 12 month low of $50.56 and a 12 month high of $98.10. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 14.45, a PEG ratio of 1.47 and a beta of 1.44. The company’s 50 day moving average is $87.69 and its two-hundred day moving average is $76.76.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). The firm had revenue of $833.10 million for 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, research analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.62%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 15th. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Analysts Set New Price Targets

WAL has been the topic of several research analyst reports. Truist Financial lowered their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 1st. Piper Sandler dropped their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Finally, Stephens reiterated an “overweight” rating and set a $102.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.73.

Insider Transactions at Western Alliance Bancorporation

In other news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the sale, the director now owns 4,056 shares in the company, valued at $335,634. This trade represents a 42.48 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.75% of the company’s stock.

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.