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

Western Alliance Bancorporation (NYSE:WAL) had its price objective increased 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.

Several other equities analysts have also recently issued reports on WAL. DA Davidson reduced their target price on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Stephens reissued an overweight rating and set a $82.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. Truist Financial boosted their target price on Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a buy rating in a research note on Monday, July 22nd. StockNews.com raised Western Alliance Bancorporation from a sell rating to a hold rating in a research note on Friday, July 19th. Finally, Hovde Group assumed coverage on Western Alliance Bancorporation in a research report on Monday, April 22nd. They set an outperform rating and a $75.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of Moderate Buy and a consensus target price of $84.27.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $81.39 on Tuesday. 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 business’s 50 day simple moving average is $64.50 and its two-hundred day simple moving average is $62.11. The stock has a market capitalization of $8.96 billion, a P/E ratio of 11.86, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. Western Alliance Bancorporation has a one year low of $38.81 and a one year high of $81.90.

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

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.82%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Insiders Place Their Bets

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WAL. Allspring Global Investments Holdings LLC bought a new position in shares of Western Alliance Bancorporation during the first quarter valued at $27,000. GAMMA Investing LLC increased its position in Western Alliance Bancorporation by 57.4% in 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 in the last quarter. ORG Partners LLC purchased a new stake in Western Alliance Bancorporation in the second quarter worth about $36,000. Rakuten Securities Inc. purchased a new stake in Western Alliance Bancorporation in the fourth quarter worth about $65,000. Finally, Versant Capital Management Inc increased its position 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 buying an additional 244 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

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.