Western Alliance Bancorporation (NYSE:WAL) Reaches New 12-Month High – Time to Buy?

Western Alliance Bancorporation (NYSE:WAL)’s stock price reached a new 52-week high on Monday . The company traded as high as $97.42 and last traded at $97.41, with a volume of 110672 shares traded. The stock had previously closed at $93.65.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on WAL shares. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $101.00 in a research report on Monday, October 7th. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Piper Sandler reduced their price target on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Barclays raised their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.73.

Western Alliance Bancorporation Price Performance

The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock’s 50-day moving average is $86.81 and its 200-day moving average is $75.70. The firm has a market cap of $10.53 billion, a P/E ratio of 14.45, a price-to-earnings-growth ratio of 1.47 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The business had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a $0.38 dividend. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.59%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction on Monday, September 9th. The stock was 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 $335,634. The trade was a 42.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently bought and sold shares of WAL. Price T Rowe Associates Inc. MD increased its position in shares of Western Alliance Bancorporation by 16.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after buying an additional 717,242 shares in the last quarter. State Street Corp grew its position in shares of Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after purchasing an additional 1,418,472 shares during the period. Dimensional Fund Advisors LP lifted its stake in Western Alliance Bancorporation by 20.6% in 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 buying an additional 636,577 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Western Alliance Bancorporation by 0.7% in the second quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock valued at $176,764,000 after buying an additional 20,876 shares during the period. Finally, FMR LLC lifted its position in Western Alliance Bancorporation by 93.3% in the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after acquiring an additional 1,347,921 shares in 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.