Barclays Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $92.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective lifted by Barclays from $86.00 to $92.00 in a report released on Monday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other analysts have also issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Keefe, Bruyette & Woods lowered their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating on the stock in a research report on Monday, April 22nd. Wedbush reissued an outperform rating and issued a $70.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, May 8th. Wells Fargo & Company boosted their price target on shares of Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an equal weight rating in a research report on Monday. Finally, Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating on the stock in a research report on Monday, July 8th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $79.79 on Monday. The firm has a market cap of $8.79 billion, a price-to-earnings ratio of 11.63, a P/E/G ratio of 1.45 and a beta of 1.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $81.15. The firm’s 50-day simple moving average is $64.18 and its two-hundred day simple moving average is $61.99.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.71 by $0.04. The business had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 earnings per share. As a group, equities analysts forecast that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid 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 1.85%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Insider Transactions at Western Alliance Bancorporation

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

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Western Alliance Bancorporation by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after buying an additional 395,101 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Western Alliance Bancorporation by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after buying an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Western Alliance Bancorporation by 50.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after buying an additional 824,636 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Western Alliance Bancorporation by 103.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after buying an additional 876,413 shares during the last quarter. Finally, Hood River Capital Management LLC raised its holdings in Western Alliance Bancorporation by 5.9% during the 1st quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock valued at $105,378,000 after buying an additional 91,535 shares during the last quarter. 79.15% of the stock is currently 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.