Key Points
- Western Alliance Bancorporation CAO Ben Mucha sold 5,946 shares on June 8 at an average price of $81.00, trimming his stake by 63.05% to 3,485 shares worth about $282,285.
- The stock was little changed in trading, opening at $81.67 and sitting near its 200-day average, with a market cap of $8.92 billion and a P/E ratio of 9.51.
- Recent fundamentals were solid: the bank beat quarterly EPS and revenue estimates, raised revenue 31% year over year, and paid a quarterly dividend of $0.42, or $1.68 annualized for a 2.1% yield.
Western Alliance Bancorporation (NYSE:WAL - Get Free Report) CAO Ben Mucha sold 5,946 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
Western Alliance Bancorporation Trading Down 0.3%
Shares of WAL opened at $81.67 on Thursday. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The firm has a market capitalization of $8.92 billion, a P/E ratio of 9.51, a price-to-earnings-growth ratio of 0.62 and a beta of 1.34. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.88. The stock's fifty day simple moving average is $78.00 and its 200 day simple moving average is $81.90.
Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. The firm had revenue of $968.40 million during the quarter, compared to the consensus estimate of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The firm's quarterly revenue was up 31.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.79 EPS. On average, equities research analysts forecast that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.
Western Alliance Bancorporation Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, May 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is 19.56%.
Institutional Investors Weigh In On Western Alliance Bancorporation
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearstead Advisors LLC raised its holdings in Western Alliance Bancorporation by 144.6% during the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after purchasing an additional 243 shares in the last quarter. Community Bank N.A. bought a new stake in Western Alliance Bancorporation during the third quarter worth approximately $37,000. Los Angeles Capital Management LLC bought a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $38,000. Smartleaf Asset Management LLC raised its holdings in Western Alliance Bancorporation by 113.0% during the third quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider's stock worth $39,000 after purchasing an additional 235 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after purchasing an additional 259 shares in the last quarter. Institutional investors own 79.15% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and cut their target price for the stock from $83.00 to $79.00 in a report on Monday, March 9th. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a "neutral" rating on the stock in a report on Wednesday, April 1st. TD Cowen cut Western Alliance Bancorporation from a "buy" rating to a "hold" rating and set a $83.00 price target on the stock. in a report on Monday, March 9th. Jefferies Financial Group reaffirmed an "overweight" rating and set a $105.00 price target on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Finally, DA Davidson cut their price target on Western Alliance Bancorporation from $93.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $92.93.
View Our Latest Research Report on Western Alliance Bancorporation
About Western Alliance Bancorporation
(
Get Free Report)
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.
The company's core offerings include deposit products, treasury management and a variety of lending services.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
