Western Alliance Bancorporation (NYSE:WAL) PT Raised to $88.00

Western Alliance Bancorporation (NYSE:WAL) had its price target increased by Truist Financial from $74.00 to $88.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other brokerages have also recently weighed in on WAL. Stephens reissued an overweight rating and set a $82.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. Wedbush reissued an outperform rating and issued a $70.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Wells Fargo & Company upped their price objective on shares of Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an equal weight rating in a report on Monday. Royal Bank of Canada upped their price objective on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a report on Monday. Finally, Bank of America upped their price objective on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a buy rating in a report on Monday. 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.com, the stock has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Trading Up 4.2 %

Shares of WAL opened at $79.79 on Monday. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $81.15. 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 firm’s fifty day moving average is $64.18 and its two-hundred day moving average is $61.99. The stock has a market cap of $8.79 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping 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 14.18%. The company had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter in the previous year, the company posted $1.96 EPS. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. Research analysts forecast that Western Alliance Bancorporation will post 7.41 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were given a dividend of $0.37 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.85%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated 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 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. Corporate insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth approximately $27,000. GAMMA Investing LLC increased its stake in shares of Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares during the period. ORG Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the second quarter worth approximately $36,000. Rakuten Securities Inc. purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $65,000. Finally, Versant Capital Management Inc increased its stake in shares of Western Alliance Bancorporation by 26.5% during the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after buying an additional 244 shares during the period. 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.