Western Alliance Bancorporation (NYSE:WAL) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Western Alliance Bancorporation (NYSE:WAL) have earned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $92.60.

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group upped their price objective 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. Wedbush upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Stephens reissued an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, October 18th. Piper Sandler dropped their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and upped their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $83.88 on Friday. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $94.28. The firm has a market capitalization of $9.23 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.28 and a beta of 1.44. The company has a fifty day simple moving average of $83.04 and a 200-day simple moving average of $71.03. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.48 annualized dividend and a dividend yield of 1.76%. Western Alliance Bancorporation’s dividend payout ratio is presently 22.84%.

Insider Transactions at Western Alliance Bancorporation

In other news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction dated Monday, August 26th. The shares were 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 of the company’s stock, valued at approximately $650,843.43. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 4,056 shares of the company’s stock, valued at $335,634. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares in the company, valued at approximately $650,843.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,149 shares of company stock valued at $1,539,681. 2.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds have recently added to or reduced their stakes in WAL. Cincinnati Insurance Co. purchased a new position in Western Alliance Bancorporation in the first quarter valued at approximately $46,538,000. LHM Inc. increased its stake in Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after purchasing an additional 723,995 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Western Alliance Bancorporation by 16.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after purchasing an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after purchasing an additional 636,577 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Western Alliance Bancorporation by 3.9% in 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 purchasing an additional 395,101 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.