Wells Fargo & Company Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $85.00

Western Alliance Bancorporation (NYSE:WAL) had its price target boosted by Wells Fargo & Company from $68.00 to $85.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other brokerages have also commented on WAL. Keefe, Bruyette & Woods decreased their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating on the stock in a research note on Monday, April 22nd. Barclays cut their price objective on Western Alliance Bancorporation from $91.00 to $86.00 and set an overweight rating on the stock in a report on Tuesday, April 23rd. Piper Sandler boosted their price objective on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an overweight rating in a report on Monday. StockNews.com upgraded Western Alliance Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. Finally, Jefferies Financial Group boosted their price objective on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $79.79 on Monday. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $81.15. The business’s fifty day simple moving average is $64.18 and its 200-day simple moving average is $61.99. The firm has a market cap of $8.79 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 14.18% and a net margin of 15.54%. The business had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. During the same quarter in the prior year, the company posted $1.96 EPS. The company’s quarterly revenue was up 15.3% on a year-over-year basis. Equities analysts forecast that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were issued a dividend of $0.37 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 annualized dividend and a yield of 1.85%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the sale, the chief accounting officer now owns 3,520 shares in the company, valued at approximately $267,344. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp increased its holdings in shares of Western Alliance Bancorporation by 5.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 684,016 shares of the financial services provider’s stock valued at $42,970,000 after acquiring an additional 34,275 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Western Alliance Bancorporation by 1.3% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock valued at $102,603,000 after purchasing an additional 20,254 shares during the period. Raymond James & Associates boosted its position in shares of Western Alliance Bancorporation by 1.6% in the 2nd quarter. Raymond James & Associates now owns 21,429 shares of the financial services provider’s stock valued at $1,346,000 after purchasing an additional 340 shares during the period. ORG Partners LLC acquired a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at about $36,000. Finally, M&G Plc boosted its position in shares of Western Alliance Bancorporation by 12.4% in the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock valued at $8,421,000 after purchasing an additional 14,734 shares during the period. Hedge funds and other 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.