Brokerages Set Western Alliance Bancorporation (NYSE:WAL) PT at $102.20

Western Alliance Bancorporation (NYSE:WAL) has been given an average recommendation of “Moderate Buy” by the fifteen research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $102.20.

Several research firms recently commented on WAL. Truist Financial set a $98.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Wall Street Zen raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Royal Bank Of Canada lifted their price target on shares of Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Barclays boosted their price objective on shares of Western Alliance Bancorporation from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Finally, JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $100.00 to $105.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 1st.

Insider Activity at Western Alliance Bancorporation

In related news, CFO Dale Gibbons bought 4,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average cost of $77.00 per share, for a total transaction of $308,000.00. Following the completion of the acquisition, the chief financial officer directly owned 300,358 shares of the company’s stock, valued at approximately $23,127,566. The trade was a 1.35% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation during the second quarter worth $137,289,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock worth $518,578,000 after acquiring an additional 1,599,537 shares during the period. Perpetual Ltd acquired a new stake in Western Alliance Bancorporation during the 3rd quarter worth about $31,072,000. Bank of Montreal Can raised its position in shares of Western Alliance Bancorporation by 35.8% in the 3rd quarter. Bank of Montreal Can now owns 1,179,518 shares of the financial services provider’s stock worth $102,288,000 after acquiring an additional 310,826 shares in the last quarter. Finally, Global Frontier Investments LLC acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at about $22,224,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Trading Up 1.7%

Shares of WAL stock opened at $89.83 on Tuesday. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $94.40. The stock’s fifty day simple moving average is $83.85 and its 200 day simple moving average is $83.39. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $9.89 billion, a P/E ratio of 11.10, a P/E/G ratio of 0.54 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, October 21st. The financial services provider reported $2.28 EPS for the quarter, beating the consensus estimate of $2.11 by $0.17. The firm had revenue of $841.30 million during the quarter, compared to the consensus estimate of $891.04 million. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%.The business’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period last year, the company earned $1.80 earnings per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Stockholders of record on Thursday, November 13th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, November 13th. Western Alliance Bancorporation’s dividend payout ratio is 20.77%.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.