Western Alliance Bancorporation (NYSE:WAL) PT Raised to $83.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by Deutsche Bank Aktiengesellschaft from $62.00 to $83.00 in a report published on Tuesday morning, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

WAL has been the topic of several other research reports. Bank of America boosted their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a buy rating in a research note on Monday, July 22nd. Jefferies Financial Group upped their target price on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. Truist Financial upped their target price on Western Alliance Bancorporation from $74.00 to $88.00 and gave the stock a buy rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. upped their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an overweight rating in a research note on Tuesday. Finally, Wells Fargo & Company upped their target price on Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an equal weight rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $84.27.

Western Alliance Bancorporation Stock Up 1.9 %

Western Alliance Bancorporation stock opened at $81.39 on Tuesday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. The business’s 50-day simple moving average is $64.50 and its two-hundred day simple moving average is $62.11. The company has a market cap of $8.96 billion, a PE ratio of 11.86, a PEG ratio of 1.45 and a beta of 1.46. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $81.90.

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 the consensus estimate of $1.71 by $0.04. The business had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a return on equity of 14.18% and a net margin of 15.54%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.96 EPS. Equities analysts anticipate that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were issued a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a yield of 1.82%. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Western Alliance Bancorporation during the first quarter valued at approximately $27,000. GAMMA Investing LLC raised its holdings 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 valued at $32,000 after acquiring an additional 183 shares during the last quarter. ORG Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $65,000. Finally, Versant Capital Management Inc increased its holdings in shares of 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 valued at $73,000 after purchasing an additional 244 shares during the last quarter. 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.