Western Alliance Bancorporation (NYSE:WAL) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a sell rating to a hold rating in a research note issued to investors on Monday.

Several other equities analysts have also recently issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a report on Monday, April 22nd. Royal Bank of Canada upped their target price on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a report on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an overweight rating in a research report on Tuesday, July 23rd. Hovde Group assumed 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 target on the stock. Finally, Piper Sandler lifted their price objective on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Performance

NYSE WAL traded down $0.37 on Monday, reaching $72.95. 1,089,381 shares of the stock were exchanged, compared to its average volume of 1,251,303. The firm has a market capitalization of $8.03 billion, a PE ratio of 10.89, a PEG ratio of 1.39 and a beta of 1.45. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21. The company’s 50-day simple moving average is $66.14 and its two-hundred day simple moving average is $62.70. Western Alliance Bancorporation has a one year low of $38.81 and a one year high of $82.48.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 14.18% and a net margin of 15.54%. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same period in the prior year, the business posted $1.96 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. Analysts expect that Western Alliance Bancorporation will post 7.36 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Friday, August 16th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insider Transactions at Western Alliance Bancorporation

In other news, insider Stephen Russell Curley sold 5,070 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the transaction, the insider now owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the transaction, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at approximately $267,344. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,186 shares of company stock worth $612,410. Company insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WAL. Arizona State Retirement System boosted its position in Western Alliance Bancorporation by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 29,302 shares of the financial services provider’s stock worth $1,841,000 after buying an additional 720 shares during the period. Generate Investment Management Ltd lifted its position in Western Alliance Bancorporation by 14.9% in the 2nd quarter. Generate Investment Management Ltd now owns 575,894 shares of the financial services provider’s stock valued at $36,178,000 after acquiring an additional 74,823 shares in the last quarter. Chilton Capital Management LLC purchased a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $54,000. Natixis Advisors LLC raised its holdings in shares of Western Alliance Bancorporation by 5.5% in the second quarter. Natixis Advisors LLC now owns 291,390 shares of the financial services provider’s stock valued at $18,305,000 after purchasing an additional 15,108 shares during the last quarter. Finally, Picton Mahoney Asset Management increased its position in shares of Western Alliance Bancorporation by 8,796.7% during the second quarter. Picton Mahoney Asset Management now owns 133,450 shares of the financial services provider’s stock valued at $8,382,000 after acquiring an additional 131,950 shares during the last quarter. Institutional investors and hedge funds 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.