Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $100.00

Western Alliance Bancorporation (NYSE:WAL) had its price target boosted by Truist Financial from $88.00 to $100.00 in a research report released on Friday, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group increased their price objective on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Bank of America upped their price target 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. Wells Fargo & Company increased their price target on Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an equal weight rating in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an overweight rating in a report on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on 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 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $85.07.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $87.69 on Friday. The stock has a market cap of $9.66 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.56 and a beta of 1.44. The firm’s 50-day simple moving average is $78.38 and its 200 day simple moving average is $67.06. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. During the same quarter last year, the company earned $1.96 earnings per share. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.4 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 4,056 shares in the company, valued at approximately $335,634. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now owns 7,977 shares of the company’s stock, valued at $650,843.43. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now owns 4,056 shares in the company, valued at $335,634. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,265 shares of company stock worth $1,700,391. Company insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Western Alliance Bancorporation during the first quarter worth $27,000. GAMMA Investing LLC raised its position 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 buying an additional 183 shares during the period. ORG Partners LLC purchased a new stake in Western Alliance Bancorporation in the 2nd quarter worth approximately $36,000. Chilton Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at approximately $54,000. Finally, Versant Capital Management Inc boosted its holdings in Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 244 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.