Wells Fargo & Company Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $85.00

Western Alliance Bancorporation (NYSE:WAL) had its price target upped by Wells Fargo & Company from $68.00 to $85.00 in a report issued on Monday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other analysts have also recently commented on the company. Barclays cut their target price on Western Alliance Bancorporation from $91.00 to $86.00 and set an overweight rating on the stock in a research report on Tuesday, April 23rd. Wedbush reiterated an outperform rating and set a $70.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, May 8th. Piper Sandler lifted their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an overweight rating in a research report on Monday. Keefe, Bruyette & Woods cut their target price on Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating on the stock in a research report on Monday, April 22nd. Finally, Truist Financial cut their target price on Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating on the stock in a research report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of Moderate Buy and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Down 1.8 %

Western Alliance Bancorporation stock opened at $76.59 on Monday. Western Alliance Bancorporation has a 1-year low of $38.81 and a 1-year high of $79.58. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.90 and a quick ratio of 0.87. The stock has a market cap of $8.43 billion, a PE ratio of 11.16, a P/E/G ratio of 1.47 and a beta of 1.46. The stock’s fifty day moving average is $63.87 and its two-hundred day moving average is $61.87.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same period last year, the firm earned $1.96 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 15.3% on a year-over-year basis. On average, sell-side analysts expect that Western Alliance Bancorporation will post 7.37 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the sale, the chief accounting officer now owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently added to or reduced their stakes in WAL. Vanguard Group Inc. boosted its holdings in Western Alliance Bancorporation by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock valued at $460,724,000 after purchasing an additional 74,824 shares in the last quarter. Legato Capital Management LLC boosted its holdings in Western Alliance Bancorporation by 50.2% in the 4th quarter. Legato Capital Management LLC now owns 12,331 shares of the financial services provider’s stock valued at $811,000 after purchasing an additional 4,119 shares in the last quarter. Buckley Wealth Management LLC purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at approximately $207,000. JCSD Capital LLC boosted its holdings in Western Alliance Bancorporation by 17.7% in the 4th quarter. JCSD Capital LLC now owns 79,688 shares of the financial services provider’s stock valued at $5,243,000 after purchasing an additional 12,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at approximately $1,216,000. 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.