Vaughan Nelson Investment Management L.P. Buys 169,244 Shares of Western Alliance Bancorporation (NYSE:WAL)

Vaughan Nelson Investment Management L.P. increased its stake in Western Alliance Bancorporation (NYSE:WAL) by 10.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,802,505 shares of the financial services provider’s stock after acquiring an additional 169,244 shares during the period. Western Alliance Bancorporation comprises about 1.4% of Vaughan Nelson Investment Management L.P.’s holdings, making the stock its 19th largest holding. Vaughan Nelson Investment Management L.P. owned approximately 1.64% of Western Alliance Bancorporation worth $155,899,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Natixis Advisors LLC boosted its holdings in shares of Western Alliance Bancorporation by 15.1% during the third quarter. Natixis Advisors LLC now owns 335,496 shares of the financial services provider’s stock worth $29,018,000 after purchasing an additional 44,106 shares during the period. CIBC Asset Management Inc bought a new position in Western Alliance Bancorporation during the 3rd quarter valued at approximately $278,000. KBC Group NV lifted its holdings in Western Alliance Bancorporation by 15.2% in the 3rd quarter. KBC Group NV now owns 2,779 shares of the financial services provider’s stock worth $240,000 after buying an additional 367 shares during the period. Victory Capital Management Inc. grew its position in shares of Western Alliance Bancorporation by 25.4% in the 3rd quarter. Victory Capital Management Inc. now owns 18,101 shares of the financial services provider’s stock worth $1,566,000 after buying an additional 3,662 shares during the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Western Alliance Bancorporation during the third quarter valued at approximately $254,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 58.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert P. Latta sold 2,996 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the transaction, the director now directly owns 4,056 shares in the company, valued at $335,634. The trade was a 42.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.75% of the company’s stock.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $90.38 on Friday. Western Alliance Bancorporation has a 1 year low of $47.54 and a 1 year high of $96.45. The firm’s 50-day moving average is $85.78 and its 200 day moving average is $74.57. The stock has a market cap of $9.95 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 1.42 and a beta of 1.44. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.10). The firm had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.13 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.68%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, November 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 22.84%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their price objective for the company from $83.00 to $101.00 in a research report on Monday, October 7th. Piper Sandler lowered their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Barclays lifted their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Truist Financial decreased their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.73.

Western Alliance Bancorporation Company 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.