Western Alliance Bancorporation (NYSE:WAL) Rating Increased 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 report published on Friday.

A number of other equities research analysts have also weighed in on the stock. Wells Fargo & Company lowered 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 report on Wednesday, April 10th. Truist Financial reduced their target price on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a buy rating on the stock in a research report on Monday, April 22nd. DA Davidson cut their price objective on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a research report on Monday, April 22nd. JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research note on Thursday, April 4th. Finally, Wedbush restated an outperform rating and set a $70.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $72.47.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $61.04 on Friday. Western Alliance Bancorporation has a twelve month low of $35.15 and a twelve month high of $70.23. The firm has a market capitalization of $6.72 billion, a PE ratio of 8.90, a P/E/G ratio of 1.12 and a beta of 1.46. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The company has a 50-day moving average price of $60.67 and a two-hundred day moving average price of $61.27.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. During the same period last year, the firm posted $2.30 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post 7.44 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the firm’s stock in a transaction that occurred 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 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 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

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Western Alliance Bancorporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after buying an additional 395,101 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Western Alliance Bancorporation by 16.3% in the first 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 purchasing an additional 717,242 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of 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 valued at $161,339,000 after purchasing an additional 824,636 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in shares of 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 valued at $113,510,000 after purchasing an additional 876,413 shares in the last quarter. Finally, Hood River Capital Management LLC grew its holdings in shares of Western Alliance Bancorporation by 5.9% in the first quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock valued at $105,378,000 after purchasing an additional 91,535 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other 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.