Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $100.00 at Truist Financial

Western Alliance Bancorporation (NYSE:WAL) had its price target boosted by Truist Financial from $88.00 to $100.00 in a report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on WAL. Bank of America lifted their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a buy rating in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their target price on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an overweight rating in a report on Tuesday, July 23rd. Jefferies Financial Group upped their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a report on Wednesday, July 3rd. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an overweight rating in a report on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a hold rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $85.07.

Western Alliance Bancorporation Trading Down 0.8 %

Shares of WAL opened at $87.69 on Friday. The firm has a market capitalization of $9.66 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 1.56 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $78.38 and its 200 day moving average price is $67.06. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The business had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. During the same period in the prior year, the firm posted $1.96 EPS. Western Alliance Bancorporation’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, research analysts predict that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Insider Transactions at Western Alliance Bancorporation

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The sale was disclosed in a filing with the SEC, which is available through this link. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the sale, the chief accounting officer now owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the transaction, the insider now owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The disclosure for this sale can be found here. Insiders have sold a total of 21,265 shares of company stock worth $1,700,391 in the last 90 days. Corporate insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Western Alliance Bancorporation in the 1st quarter valued at about $27,000. GAMMA Investing LLC grew its position in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 183 shares during the last quarter. ORG Partners LLC acquired a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $36,000. Chilton Capital Management LLC bought a new position in shares of Western Alliance Bancorporation during the second quarter worth approximately $54,000. Finally, Versant Capital Management Inc lifted its holdings in Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 244 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.