Western Alliance Bancorporation (NYSE:WAL) Given New $107.00 Price Target at Barclays

Western Alliance Bancorporation (NYSE:WAL) had its target price increased by Barclays from $105.00 to $107.00 in a report released on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

WAL has been the subject of several other reports. Bank of America increased their price objective on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their price target for the company from $83.00 to $101.00 in a research report on Monday, October 7th. Wedbush lifted their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Wells Fargo & Company upped their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler dropped 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 report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.73.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $93.42 on Friday. The business’s fifty day moving average is $84.55 and its 200 day moving average is $73.48. Western Alliance Bancorporation has a 12-month low of $43.20 and a 12-month high of $96.45. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock has a market cap of $10.28 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.42 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The business had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.13 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Friday, November 15th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s payout ratio is 23.46%.

Insider Buying and Selling at Western Alliance Bancorporation

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

Institutional Trading of Western Alliance Bancorporation

A number of institutional investors have recently added to or reduced their stakes in WAL. Vanguard Group Inc. increased its position in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after buying an additional 395,101 shares during the period. SG Americas Securities LLC lifted its stake in Western Alliance Bancorporation by 1,706.9% in the 1st quarter. SG Americas Securities LLC now owns 30,898 shares of the financial services provider’s stock worth $1,983,000 after purchasing an additional 29,188 shares in the last quarter. M&G Plc lifted its stake in 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 worth $8,421,000 after purchasing an additional 14,734 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in 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. Finally, First Hawaiian Bank purchased a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $474,000. 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.