Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $90.00

Western Alliance Bancorporation (NYSE:WAL) had its target price increased by Wells Fargo & Company from $79.00 to $90.00 in a report published on Monday, Marketbeat Ratings reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Several other research analysts have also weighed in on the company. UBS Group increased their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research note on Thursday, July 23rd. Citigroup raised their price objective on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, June 25th. DA Davidson set a $36.00 price objective on Western Alliance Bancorporation in a research note on Wednesday, July 22nd. Finally, TD Cowen boosted their target price on Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, July 27th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.47.

Western Alliance Bancorporation Trading Up 1.3%

Shares of WAL stock opened at $82.57 on Monday. The firm has a market cap of $9.01 billion, a P/E ratio of 9.30, a PEG ratio of 0.79 and a beta of 1.34. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. The firm’s 50-day simple moving average is $81.51 and its 200-day simple moving average is $80.55.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The business had revenue of $995.70 million for the quarter, compared to analysts’ expectations of $980.53 million. During the same period last year, the company earned $2.07 earnings per share. The company’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, equities analysts forecast that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Investors of record on Thursday, August 13th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is currently 18.92%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the transaction, the chief accounting officer directly owned 3,485 shares of the company’s stock, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.76% of the stock is owned by company insiders.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC increased its holdings in Western Alliance Bancorporation by 1.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider’s stock valued at $505,000 after buying an additional 113 shares during the last quarter. Ritholtz Wealth Management lifted its holdings in Western Alliance Bancorporation by 4.6% during the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock worth $255,000 after buying an additional 133 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in Western Alliance Bancorporation by 4.2% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider’s stock worth $237,000 after buying an additional 134 shares during the last quarter. Truist Financial Corp grew its position in shares of Western Alliance Bancorporation by 5.2% in the 4th quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider’s stock worth $261,000 after acquiring an additional 152 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of Western Alliance Bancorporation by 39.3% in the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.