Western Alliance Bancorporation (NYSE:WAL) Shares Cross Above 200-Day Moving Average – Here’s Why

Western Alliance Bancorporation (NYSE:WAL) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $80.89 and traded as high as $84.51. Western Alliance Bancorporation shares last traded at $83.54, with a volume of 463,806 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $101.00 in a research note on Monday, October 7th. Barclays raised their target price on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens reiterated an “overweight” rating and issued a $102.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. UBS Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They set a “buy” rating and a $115.00 price objective on the stock. Finally, Piper Sandler lowered their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.75.

Western Alliance Bancorporation Trading Down 0.0 %

The business has a 50-day moving average of $88.69 and a 200-day moving average of $80.89. 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 $9.20 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 1.41 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). The firm 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%. As a group, research analysts forecast that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.38 per share. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.82%. Western Alliance Bancorporation’s dividend payout ratio is 23.46%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors have recently bought and sold shares of WAL. State Street Corp boosted its stake in shares of Western Alliance Bancorporation by 46.2% during the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after acquiring an additional 1,418,472 shares in the last quarter. FMR LLC increased its holdings in shares of Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after acquiring an additional 1,347,921 shares during the last quarter. LHM Inc. increased its holdings in shares of Western Alliance Bancorporation by 2,141.1% during the 2nd quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after acquiring an additional 723,995 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Western Alliance Bancorporation by 20.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after acquiring an additional 636,577 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Western Alliance Bancorporation by 6,342.7% during the 3rd quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock valued at $44,522,000 after acquiring an additional 506,778 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

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.