Western Alliance Bancorporation (NYSE:WAL) PT Raised to $88.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective raised by Truist Financial from $74.00 to $88.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other research analysts have also recently weighed in on WAL. Jefferies Financial Group boosted their price objective on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Royal Bank of Canada boosted their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a research report on Monday. Wells Fargo & Company boosted their target price on shares of Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an equal weight rating in a research report on Monday. Keefe, Bruyette & Woods dropped their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a research report on Monday, April 22nd. Finally, Barclays upped their price target on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an overweight rating in a research report on Monday. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Up 4.2 %

Shares of Western Alliance Bancorporation stock opened at $79.79 on Monday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. The stock has a market capitalization of $8.79 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $81.15. The company has a 50-day simple moving average of $64.18 and a two-hundred day simple moving average of $61.99.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The business had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. During the same period in the previous year, the company earned $1.96 earnings per share. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, analysts anticipate that Western Alliance Bancorporation will post 7.41 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.85%. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Insider Buying and Selling

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

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the business. WCM Investment Management LLC purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at $12,387,000. Smead Capital Management Inc. purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at $77,957,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at $917,000. Strs Ohio raised its stake in shares of Western Alliance Bancorporation by 35.3% in the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock valued at $5,697,000 after acquiring an additional 22,600 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Western Alliance Bancorporation by 1,706.9% in the first quarter. SG Americas Securities LLC now owns 30,898 shares of the financial services provider’s stock valued at $1,983,000 after acquiring an additional 29,188 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

About Western Alliance Bancorporation

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.