Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $74.00 at Truist Financial

Western Alliance Bancorporation (NYSE:WAL) had its price objective lowered by Truist Financial from $75.00 to $74.00 in a research note released on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on WAL. Hovde Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Monday, April 22nd. They issued an outperform rating and a $75.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday, April 10th. DA Davidson reduced their price objective on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating for the company in a research note on Monday, April 22nd. Stephens reissued an overweight rating and issued a $82.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. Finally, Jefferies Financial Group increased their price objective on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $75.29.

Western Alliance Bancorporation Stock Up 2.1 %

WAL opened at $63.77 on Monday. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21. Western Alliance Bancorporation has a 1-year low of $37.50 and a 1-year high of $70.23. The company has a market capitalization of $7.02 billion, a PE ratio of 9.30, a PEG ratio of 1.16 and a beta of 1.46. The firm’s 50 day simple moving average is $61.81 and its two-hundred day simple moving average is $61.31.

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. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same period last year, the firm earned $2.30 earnings per share. As a group, equities analysts forecast that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a $0.37 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.32%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Insiders Place Their Bets

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the sale, the chief accounting officer now owns 5,636 shares in the company, valued at approximately $361,831.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WAL. Smead Capital Management Inc. bought a new stake in Western Alliance Bancorporation during the 4th quarter valued at about $77,957,000. Norges Bank bought a new position in Western Alliance Bancorporation in the fourth quarter worth approximately $67,758,000. Vaughan Nelson Investment Management L.P. grew its holdings in Western Alliance Bancorporation by 103.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock worth $113,510,000 after purchasing an additional 876,413 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Western Alliance Bancorporation by 50.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock worth $161,339,000 after purchasing an additional 824,636 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Western Alliance Bancorporation by 5,918.1% in the fourth quarter. Victory Capital Management Inc. now owns 763,459 shares of the financial services provider’s stock worth $50,228,000 after purchasing an additional 750,773 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

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.