Western Alliance Bancorporation (NYSE:WAL) Sets New 12-Month High at $83.23

Western Alliance Bancorporation (NYSE:WAL) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $83.23 and last traded at $82.80, with a volume of 35819 shares traded. The stock had previously closed at $82.10.

Wall Street Analyst Weigh In

Several analysts have issued reports on WAL shares. Truist Financial upped their price target on shares of Western Alliance Bancorporation from $74.00 to $88.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Bank of America upped their price target on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. upped their price target on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a “hold” rating in a research report on Tuesday, July 23rd. Finally, Barclays upped their price target on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. One 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $84.27.

Western Alliance Bancorporation Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $70.59 and its 200 day simple moving average is $63.92. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 12.06, a P/E/G ratio of 1.47 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The business had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter in the previous year, the company earned $1.96 EPS. The business’s revenue was up 15.3% on a year-over-year basis. On average, equities research analysts expect that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.80%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Insider Activity

In related news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the transaction, the insider now owns 36,718 shares in the company, valued at $2,806,356.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the completion of the transaction, the insider now directly owns 36,718 shares in the company, valued at $2,806,356.74. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the sale, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. The disclosure for this sale can be found here. Corporate 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 WAL. Allspring Global Investments Holdings LLC acquired a new position in Western Alliance Bancorporation during the 1st quarter worth approximately $27,000. GAMMA Investing LLC increased 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 worth $32,000 after buying an additional 183 shares in the last quarter. ORG Partners LLC bought a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at $36,000. Chilton Capital Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $54,000. Finally, Versant Capital Management Inc grew its position in Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.