Jennison Associates LLC Has $77.93 Million Stock Position in Western Alliance Bancorporation (NYSE:WAL)

Jennison Associates LLC lifted its position in shares of Western Alliance Bancorporation (NYSE:WAL) by 111.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,184,458 shares of the financial services provider’s stock after acquiring an additional 624,957 shares during the period. Jennison Associates LLC’s holdings in Western Alliance Bancorporation were worth $77,925,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Parkside Financial Bank & Trust lifted its holdings in shares of Western Alliance Bancorporation by 422.2% during the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after buying an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at about $65,000. Fortitude Family Office LLC acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at about $93,000. Busey Bank acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at about $202,000. Finally, Buckley Wealth Management LLC acquired a new position in Western Alliance Bancorporation in the fourth quarter valued at about $207,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Wall Street Analyst Weigh In

WAL has been the subject of a number of analyst reports. Keefe, Bruyette & Woods dropped their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday. DA Davidson dropped their price target on Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research note on Monday. Citigroup boosted their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Royal Bank of Canada dropped their price target on Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday. Finally, Hovde Group started coverage on Western Alliance Bancorporation in a research note on Monday. They issued an “outperform” rating and a $75.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.88.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $58.71 on Tuesday. The stock has a market cap of $6.47 billion, a PE ratio of 8.56 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The business’s 50-day moving average price is $59.41 and its two-hundred day moving average price is $56.71. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the previous year, the business posted $2.30 earnings per share. As a group, analysts expect that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

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.