Western Alliance Bancorporation (NYSE: WAL) saw a sharp increase in short-term interest during the month of May. As of May 28, there was short interest totaling 2,630,000 shares, an increase of 55.6% over the May 13 total of 1,690,000 shares. Based on an average daily volume of 721,400 shares, the short-term interest rate is currently 3.6 days. Currently 2.7% of the company’s shares are sold short.
In other news, director Steven J. Hilton sold 10,000 shares of the company in a transaction that took place on Wednesday, May 5. The shares were sold at an average price of $ 108.19, for a total trade of $ 1,081,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In addition, director Bryan K. Segedi bought 1,000 shares of the company in a transaction dated Friday, June 4. The shares were purchased at an average price of $ 100.65 per share, for a total value of $ 100,650.00. As a result of the purchase, the director now owns 8,327 shares of the company, valued at $ 838,112.55. Disclosure of this purchase can be found here. Company insiders own 2.81% of the company’s shares.
Hedge funds and other institutional investors recently bought and sold shares in the company. Wealthcare Advisory Partners LLC purchased a new stake in the shares of Western Alliance Bancorporation during the 1st quarter for a value of $ 28,000. Toth Financial Advisory Corp increased its equity stake in Western Alliance Bancorporation by 61.3% during the 1st quarter. Toth Financial Advisory Corp now owns 484 shares of the financial services provider valued at $ 46,000 after acquiring 184 more shares in the last quarter. Van ECK Associates Corp purchased a new equity stake in Western Alliance Bancorporation during the 1st quarter for a value of $ 53,000. Harvest Fund Management Co. Ltd. purchased a new stake in the shares of Western Alliance Bancorporation during the 1st quarter for a value of $ 52,000. Finally, Rockefeller Capital Management LP increased its stake in Western Alliance Bancorporation shares by 124.8% during the first quarter. Rockefeller Capital Management LP now owns 571 shares of the financial services provider valued at $ 53,000 after acquiring an additional 317 shares in the last quarter. 87.27% of the capital is held by institutional investors.
A number of research companies have recently weighed in on WAL. Citigroup Inc. A minimum 3% Russell-based protected coupon raised its price target on Western Alliance Bancorporation shares from $ 72.00 to $ 99.00 and assigned the company a “neutral” rating in a research note on Wednesday April 14. Wedbush raised its price target for Western Alliance Bancorporation shares from $ 85 to $ 95 and gave the company an “outperformance” rating in a research note on Wednesday, February 17. Citigroup raised its price target on Western Alliance Bancorporation shares from $ 72.00 to $ 99.00 in a research note on Wednesday, April 14. Zacks investment research upgraded Western Alliance Bancorporation shares from a “hold” rating to a “buy” rating and set a price target of $ 113.00 for the company in a research note on Friday, April 23. Finally, Piper Sandler raised its price target on Western Alliance Bancorporation shares from $ 81.00 to $ 104.00 and assigned the company an “overweight” rating in a Wednesday February 17th research note. Two research analysts rated the stock with a conservation rating and nine gave the stock a buy rating. Western Alliance Bancorporation has a consensus rating of âBuyâ and an average target price of $ 95.77.
Actions of NYSE: WAL open for $ 94.88 Tuesday. The company has a fifty-day moving average price of $ 100.62. The company has a debt ratio of 0.15, a quick ratio of 0.88, and a current ratio of 0.88. Western Alliance Bancorporation has a one-year minimum of $ 30.34 and a one-year maximum of $ 109.84. The company has a market cap of $ 9.82 billion, a P / E ratio of 15.50 and a beta of 1.70.
Western Alliance Bancorporation (NYSE: WAL) last reported its quarterly results on Wednesday, April 14. The financial services provider reported EPS of $ 1.90 for the quarter, beating Thomson Reuters consensus estimate of $ 1.47 by $ 0.43. Western Alliance Bancorporation had a net margin of 44.76% and a return on equity of 18.29%. The company posted revenue of $ 337.00 million in the quarter, compared to a consensus estimate of $ 337.88 million. During the same period last year, the company earned $ 0.83 per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post earnings per share of 8.19 for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, May 28. Shareholders of record on Friday, May 14 received a dividend of $ 0.25 per share. This represents a dividend of $ 1.00 on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Thursday, May 13. Western Alliance Bancorporation’s dividend payout ratio is currently 19.84%.
About Western Alliance Bancorporation
Western Alliance Bancorporation operates as a banking holding company for Western Alliance Bank which provides various banking products and related services primarily in Arizona, California and Nevada. It operates in two segments, Commercial and Consumer Related. The Company offers deposit products, including checking, savings and money market accounts, as well as fixed rate and fixed maturity certificates of deposit accounts; and residential mortgage and cash management products and services.
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