The Manufacturers Life Insurance Company Acquires Shares of 83,072 Western Alliance Bancorporation $WAL

The Manufacturers Life Insurance Company bought a new position in shares of Western Alliance Bancorporation (NYSE:WAL) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 83,072 shares of the financial services provider’s stock, valued at approximately $6,829,000. The Manufacturers Life Insurance Company owned about 0.08% of Western Alliance Bancorporation at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Western Alliance Bancorporation during the 2nd quarter worth $26,000. Clearstead Advisors LLC boosted its stake in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after buying an additional 243 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in Western Alliance Bancorporation in the fourth quarter valued at about $38,000. Compound Global Advisors LLC acquired a new position in Western Alliance Bancorporation during the second quarter worth about $41,000. Finally, Leonteq Securities AG acquired a new position in Western Alliance Bancorporation during the fourth quarter worth about $44,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $78.72 on Monday. The firm has a market cap of $8.59 billion, a PE ratio of 8.86, a price-to-earnings-growth ratio of 0.76 and a beta of 1.34. The firm’s fifty day moving average is $81.29 and its 200-day moving average is $79.66. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.Western Alliance Bancorporation’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.07 earnings per share. Sell-side analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

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

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.76% of the company’s stock.

Wall Street Analysts Forecast Growth

WAL has been the subject of several research reports. DA Davidson set a $36.00 price objective on shares of Western Alliance Bancorporation in a research note on Wednesday, July 22nd. TD Cowen upped their price target on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, July 27th. Truist Financial raised their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a report on Monday, July 27th. Piper Sandler boosted their price objective on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Finally, Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a report on Thursday, July 23rd. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $95.47.

About Western Alliance Bancorporation

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.