Western Alliance Bancorporation (NYSE:WAL) Sets New 52-Week High at $85.97

Western Alliance Bancorporation (NYSE:WAL) shares reached a new 52-week high on Monday . The company traded as high as $85.97 and last traded at $82.64, with a volume of 650730 shares. The stock had previously closed at $78.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price objective on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Royal Bank of Canada upped their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Truist Financial raised their target price on Western Alliance Bancorporation from $74.00 to $88.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.27.

Western Alliance Bancorporation Trading Down 1.3 %

The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business has a 50 day moving average of $75.32 and a 200-day moving average of $65.63. The firm has a market capitalization of $8.86 billion, a P/E ratio of 11.73, a PEG ratio of 1.49 and a beta of 1.44.

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 (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.96 earnings per share. Analysts anticipate that Western Alliance Bancorporation will post 7.4 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.84%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Insider Transactions at Western Alliance Bancorporation

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 stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now owns 36,718 shares in the company, valued at approximately $2,806,356.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen Russell Curley sold 5,070 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total transaction of $387,500.10. Following the transaction, the insider now owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The disclosure for this sale can be found here. Insiders sold 18,269 shares of company stock valued at $1,452,472 over the last three months. Company insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of WAL. Truist Financial Corp grew its stake in Western Alliance Bancorporation by 52.9% in the fourth quarter. Truist Financial Corp now owns 10,625 shares of the financial services provider’s stock valued at $699,000 after purchasing an additional 3,677 shares in the last quarter. Private Advisor Group LLC boosted its holdings in shares of Western Alliance Bancorporation by 130.7% in the 4th quarter. Private Advisor Group LLC now owns 11,736 shares of the financial services provider’s stock valued at $772,000 after buying an additional 6,649 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Western Alliance Bancorporation by 6.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 920,768 shares of the financial services provider’s stock valued at $60,577,000 after buying an additional 54,683 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Western Alliance Bancorporation by 20.6% during the fourth quarter. Teacher Retirement System of Texas now owns 18,841 shares of the financial services provider’s stock worth $1,240,000 after buying an additional 3,223 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Western Alliance Bancorporation by 50.7% during 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 buying an additional 824,636 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

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.