Pallas Capital Advisors LLC Makes New Investment in Western Alliance Bancorporation $WAL

Pallas Capital Advisors LLC bought a new position in Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 9,016 shares of the financial services provider’s stock, valued at approximately $741,000.

Other large investors have also modified their holdings of the company. Deutsche Bank AG purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $688,000. OneDigital Investment Advisors LLC purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $612,000. Global Retirement Partners LLC purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $47,000. Bank of New York Mellon Corp acquired a new stake in Western Alliance Bancorporation in the second quarter valued at approximately $72,621,000. Finally, Focus Partners Advisor Solutions LLC acquired a new stake in Western Alliance Bancorporation in the second quarter valued at approximately $1,877,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Insider Activity

In other news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the transaction, the chief accounting officer owned 3,485 shares of the company’s stock, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.76% of the company’s stock.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of recent research reports. Stephens set a $95.00 target price on shares of Western Alliance Bancorporation and gave the stock an “overweight” rating in a research report on Thursday, July 23rd. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Piper Sandler lifted their price target on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Wells Fargo & Company boosted their price objective on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, August 10th. Finally, UBS Group upped their price objective on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.47.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $80.75 on Wednesday. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The stock has a market cap of $8.81 billion, a P/E ratio of 9.09, a price-to-earnings-growth ratio of 0.79 and a beta of 1.34. The stock has a 50 day moving average of $81.58 and a 200-day moving average of $80.36.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.07 earnings per share. On average, analysts expect that Western Alliance Bancorporation will post 9.16 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Western Alliance Bancorporation’s payout ratio is presently 18.92%.

Western Alliance Bancorporation Profile

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.