Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $74.00 at Truist Financial

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by Truist Financial from $75.00 to $74.00 in a research report released on Monday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other brokerages have also commented on WAL. StockNews.com lowered shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Saturday, June 29th. Keefe, Bruyette & Woods decreased their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a research note on Monday, April 22nd. Wedbush reiterated an outperform rating and issued a $70.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Hovde Group began coverage on shares of Western Alliance Bancorporation in a research note on Monday, April 22nd. They issued an outperform rating and a $75.00 target price for the company. Finally, Jefferies Financial Group boosted their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $75.29.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $67.00 on Monday. The company has a fifty day moving average of $61.96 and a 200-day moving average of $61.35. The firm has a market capitalization of $7.38 billion, a P/E ratio of 9.77, a P/E/G ratio of 1.16 and a beta of 1.46. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. Western Alliance Bancorporation has a twelve month low of $38.77 and a twelve month high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. During the same quarter in the previous year, the business posted $2.30 EPS. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend was Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Insider Activity

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the company’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total transaction of $64,200.00. Following the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WAL. Smead Capital Management Inc. bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth approximately $77,957,000. Norges Bank bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth approximately $67,758,000. Vaughan Nelson Investment Management L.P. increased its position in shares of Western Alliance Bancorporation by 103.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock worth $113,510,000 after purchasing an additional 876,413 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Western Alliance Bancorporation by 50.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock worth $161,339,000 after purchasing an additional 824,636 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Western Alliance Bancorporation by 5,918.1% in the fourth quarter. Victory Capital Management Inc. now owns 763,459 shares of the financial services provider’s stock worth $50,228,000 after purchasing an additional 750,773 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

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.