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

Western Alliance Bancorporation (NYSE:WAL) has been assigned a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $72.47.

Several brokerages have recently weighed in on WAL. Hovde Group began coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 price objective on the stock. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Keefe, Bruyette & Woods reduced their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Wells Fargo & Company lowered their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Finally, Barclays reduced their price target on Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating for the company in a research note on Tuesday, April 23rd.

Insider Buying and Selling

In related news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total transaction of $64,200.00. Following the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at approximately $361,831.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.75% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation during the first quarter worth $27,000. GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 760 shares during the period. Rakuten Securities Inc. acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $65,000. Finally, Fortitude Family Office LLC bought a new stake in Western Alliance Bancorporation in the fourth quarter worth approximately $93,000. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Trading Down 3.3 %

Western Alliance Bancorporation stock opened at $58.57 on Monday. The stock has a 50-day simple moving average of $60.50 and a 200 day simple moving average of $61.02. The stock has a market capitalization of $6.45 billion, a P/E ratio of 8.54, a PEG ratio of 1.10 and a beta of 1.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. Western Alliance Bancorporation has a 52 week low of $34.45 and a 52 week high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same period in the previous year, the company posted $2.30 EPS. Analysts expect that Western Alliance Bancorporation will post 7.44 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

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.