Harbor Capital Advisors Inc. Makes New $2.62 Million Investment in Western Alliance Bancorporation (NYSE:WAL)

Harbor Capital Advisors Inc. bought a new stake in Western Alliance Bancorporation (NYSE:WAL) during the third quarter, HoldingsChannel.com reports. The fund bought 30,329 shares of the financial services provider’s stock, valued at approximately $2,623,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after purchasing an additional 395,101 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Western Alliance Bancorporation by 16.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock worth $328,165,000 after purchasing an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Western Alliance Bancorporation by 20.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after purchasing an additional 636,577 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of Western Alliance Bancorporation by 0.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock worth $176,764,000 after buying an additional 20,876 shares during the last quarter. Finally, Hood River Capital Management LLC boosted its position in Western Alliance Bancorporation by 5.9% in the first quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock worth $105,378,000 after purchasing an additional 91,535 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.75% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on WAL shares. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. Wedbush lifted their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Truist Financial cut their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Barclays decreased their price target on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Tuesday, October 22nd. Finally, StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average target price of $92.60.

Western Alliance Bancorporation Stock Down 1.1 %

Shares of NYSE:WAL opened at $82.41 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $9.07 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.30 and a beta of 1.44. The stock’s fifty day simple moving average is $83.80 and its 200-day simple moving average is $72.60. Western Alliance Bancorporation has a 52-week low of $43.20 and a 52-week high of $94.28.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.38 per share. The ex-dividend date is Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.84%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s payout ratio is presently 22.84%.

Western Alliance Bancorporation 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.