Wells Fargo & Company Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $92.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective raised by Wells Fargo & Company from $85.00 to $92.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other equities research analysts also recently commented on the company. Truist Financial raised their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a buy rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an overweight rating in a research note on Tuesday, July 23rd. Bank of America upped their target price on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a buy rating in a research note on Monday, July 22nd. Jefferies Financial Group lifted their price target 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. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a hold rating in a research report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation currently has an average rating of Moderate Buy and a consensus price target of $87.87.

Western Alliance Bancorporation Trading Down 0.3 %

Shares of WAL stock opened at $82.74 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. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The firm’s 50 day moving average price is $80.10 and its two-hundred day moving average price is $68.56. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 1.62 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating 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 13.98%. The business had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. During the same quarter in the previous year, the business posted $1.96 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. On average, analysts anticipate that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.79%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the 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 sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were 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 approximately $2,806,356.74. The disclosure for this sale can be found here. Insiders have sold 21,265 shares of company stock worth $1,700,391 over the last ninety days. 2.75% of the stock is owned by insiders.

Institutional Trading of Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after purchasing an additional 395,101 shares during the period. SG Americas Securities LLC raised its stake in Western Alliance Bancorporation by 1,706.9% during the 1st 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 in the last quarter. M&G Plc boosted its position in Western Alliance Bancorporation by 12.4% during the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock worth $8,421,000 after acquiring an additional 14,734 shares during the period. Tower Research Capital LLC TRC grew its stake in shares of Western Alliance Bancorporation by 166.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 32,349 shares of the financial services provider’s stock worth $2,128,000 after purchasing an additional 20,198 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in shares of Western Alliance Bancorporation by 1.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock valued at $102,603,000 after purchasing an additional 20,254 shares during the period. 79.15% of the stock is currently owned by institutional investors.

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.