Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $95.00

Western Alliance Bancorporation (NYSE:WAL) had its target price cut by Truist Financial from $100.00 to $95.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other brokerages have also recently issued reports on WAL. Wells Fargo & Company boosted their price target on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 1st. Wedbush upped their target price on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Stephens restated an “overweight” rating and issued a $102.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Jefferies Financial Group upped their target price on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $92.60.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $83.88 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The firm’s fifty day simple moving average is $83.04 and its 200 day simple moving average is $71.03. The stock has a market cap of $9.23 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 1.28 and a beta of 1.44. Western Alliance Bancorporation has a twelve month low of $38.81 and a twelve month high of $94.28.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.76%. Western Alliance Bancorporation’s dividend payout ratio is currently 22.84%.

Insiders Place Their Bets

In other news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction on Monday, September 9th. The shares were 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 owns 4,056 shares of the company’s stock, valued at $335,634. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction, the director now directly owns 4,056 shares in the company, valued at approximately $335,634. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,149 shares of company stock worth $1,539,681. Company insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WAL. V Square Quantitative Management LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter worth approximately $31,000. ORG Wealth Partners LLC purchased a new position in shares of Western Alliance Bancorporation during the 3rd quarter valued at $33,000. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation in the 1st quarter worth $27,000. UMB Bank n.a. raised its holdings in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 249 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the period. 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.