Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $105.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective raised by JPMorgan Chase & Co. from $100.00 to $105.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

WAL has been the topic of several other research reports. Barclays raised their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Truist Financial decreased their price objective on Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a report on Monday, July 21st. National Bankshares set a $118.00 price objective on Western Alliance Bancorporation in a report on Wednesday, September 24th. Industrial Alliance Securities set a $104.00 price objective on Western Alliance Bancorporation in a report on Tuesday, August 26th. Finally, Citigroup reissued a “neutral” rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.53.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $86.69 on Wednesday. The business’s 50-day moving average price is $85.49 and its two-hundred day moving average price is $78.32. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The stock has a market cap of $9.57 billion, a P/E ratio of 11.39, a PEG ratio of 0.59 and a beta of 1.35. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.The firm had revenue of $836.21 million for the quarter, compared to analysts’ expectations of $838.58 million. During the same quarter last year, the firm posted $1.75 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Thursday, August 14th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, August 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 19.97%.

Insider Transactions at Western Alliance Bancorporation

In related news, insider Tim R. Bruckner sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares in the company, valued at $2,077,527.69. This trade represents a 9.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Invesco Ltd. grew its position in Western Alliance Bancorporation by 5.9% during the 1st quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider’s stock worth $466,821,000 after acquiring an additional 339,758 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Western Alliance Bancorporation by 0.8% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,604,755 shares of the financial services provider’s stock worth $276,954,000 after buying an additional 26,995 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of Western Alliance Bancorporation by 0.9% in the 2nd quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock worth $180,394,000 after buying an additional 20,704 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Western Alliance Bancorporation by 5.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider’s stock worth $158,755,000 after buying an additional 104,182 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its position in shares of Western Alliance Bancorporation by 3.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,971,205 shares of the financial services provider’s stock worth $153,715,000 after buying an additional 62,202 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.