Western Alliance Bancorporation (NYSE:WAL) Upgraded at StockNews.com

StockNews.com upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a sell rating to a hold rating in a report issued on Friday morning.

WAL has been the subject of several other research reports. Royal Bank of Canada upped their price target on Western Alliance Bancorporation from $76.00 to $78.00 and gave the company an outperform rating in a report on Tuesday, July 9th. Jefferies Financial Group raised their target price on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a research report on Wednesday, July 3rd. Wedbush reiterated an outperform rating and set a $70.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Truist Financial dropped their price objective on shares of Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating for the company in a research note on Monday, July 8th. Finally, DA Davidson decreased their target price on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $76.00.

Western Alliance Bancorporation Trading Up 7.9 %

Shares of WAL stock opened at $76.72 on Friday. The firm has a market capitalization of $8.45 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. Western Alliance Bancorporation has a 1 year low of $38.81 and a 1 year high of $78.27. The firm’s fifty day simple moving average is $63.07 and its 200 day simple moving average is $61.55. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last posted 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. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The company had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same quarter in the previous year, the firm posted $1.96 EPS. The business’s revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the transaction, the chief accounting officer now owns 5,636 shares in the company, valued at approximately $361,831.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in shares of Western Alliance Bancorporation by 21.5% during the third quarter. American Century Companies Inc. now owns 315,299 shares of the financial services provider’s stock worth $14,494,000 after purchasing an additional 55,743 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Western Alliance Bancorporation by 0.8% during the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock worth $460,724,000 after buying an additional 74,824 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in Western Alliance Bancorporation by 4.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 79,178 shares of the financial services provider’s stock valued at $3,640,000 after buying an additional 3,045 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Western Alliance Bancorporation by 23.7% in the 4th quarter. Nordea Investment Management AB now owns 98,083 shares of the financial services provider’s stock valued at $6,525,000 after buying an additional 18,785 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $93,000. 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.