Western Alliance Bancorporation (NYSE:WAL) Raises Dividend to $0.38 Per Share

Western Alliance Bancorporation (NYSE:WAL) announced a quarterly dividend on Monday, November 4th, Wall Street Journal reports. Investors of record on Friday, November 15th will be given a dividend of 0.38 per share by the financial services provider on Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Friday, November 15th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37.

Western Alliance Bancorporation has increased its dividend by an average of 13.2% annually over the last three years. Western Alliance Bancorporation has a payout ratio of 16.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Western Alliance Bancorporation to earn $8.91 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 16.6%.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock traded down $0.71 on Monday, hitting $82.60. The company’s stock had a trading volume of 602,849 shares, compared to its average volume of 1,309,192. Western Alliance Bancorporation has a one year low of $43.20 and a one year high of $94.28. 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 firm has a market cap of $9.09 billion, a P/E ratio of 12.86, a price-to-earnings-growth ratio of 1.30 and a beta of 1.44. The company has a fifty day moving average price of $83.77 and a 200-day moving average price of $72.41.

Analyst Ratings Changes

WAL has been the topic of several recent analyst reports. Barclays reduced their target price on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 22nd. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Bank of America raised their price objective on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Piper Sandler decreased their price target on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.60.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now owns 7,977 shares of the company’s stock, valued at $650,843.43. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.75% 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.