Western Alliance Bancorporation (NYSE:WAL) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Western Alliance Bancorporation (NYSE:WAL)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $80.89 and traded as high as $84.51. Western Alliance Bancorporation shares last traded at $83.54, with a volume of 463,806 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Piper Sandler reduced their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Wedbush raised their target price on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. UBS Group assumed coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They issued a “buy” rating and a $115.00 price target on the stock. Finally, Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.75.

Western Alliance Bancorporation Stock Up 0.8 %

The firm has a 50 day simple moving average of $88.67 and a two-hundred day simple moving average of $80.90. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $9.20 billion, a P/E ratio of 12.90, a PEG ratio of 1.41 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The business had revenue of $833.10 million for the quarter, compared to the consensus estimate of $811.40 million. On average, equities research analysts expect that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Friday, November 15th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Retirement Systems of Alabama bought a new position in Western Alliance Bancorporation in the third quarter valued at about $11,461,000. Franklin Resources Inc. boosted its position in Western Alliance Bancorporation by 17.0% during the 3rd quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock worth $27,970,000 after buying an additional 45,764 shares during the period. Mutual of America Capital Management LLC bought a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $5,099,000. BNP Paribas Financial Markets grew its holdings in Western Alliance Bancorporation by 1,091.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock worth $2,947,000 after acquiring an additional 31,214 shares during the last quarter. Finally, Bank of Montreal Can increased its position in Western Alliance Bancorporation by 41.4% in the 2nd quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock valued at $37,475,000 after acquiring an additional 174,682 shares during the period. 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.