Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $107.00 at Barclays

Western Alliance Bancorporation (NYSE:WAL) had its target price boosted 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.

Several other brokerages have also recently weighed in on WAL. Stephens reaffirmed an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, October 18th. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Bank of America boosted their target price 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, Royal Bank of Canada set a $99.00 price target on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.73.

Western Alliance Bancorporation Trading Up 4.0 %

WAL stock opened at $93.42 on Friday. Western Alliance Bancorporation has a 52 week low of $43.20 and a 52 week high of $96.45. The company has a market capitalization of $10.28 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 1.42 and a beta of 1.44. The company’s 50-day simple moving average is $84.55 and its 200 day simple moving average is $73.48. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

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

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.63%. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, November 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 23.46%.

Insider Activity

In related 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 transaction of $904,261.97. Following the sale, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Barbara Kennedy sold 11,083 shares of the firm’s 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 completion of the transaction, the insider now directly owns 7,977 shares of the company’s stock, valued at $650,843.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the sale, the director now owns 4,056 shares in the company, valued at $335,634. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WAL. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Western Alliance Bancorporation during the third quarter worth $4,736,000. Smead Capital Management Inc. boosted its position in Western Alliance Bancorporation by 3.5% during the third quarter. Smead Capital Management Inc. now owns 1,350,195 shares of the financial services provider’s stock valued at $116,778,000 after acquiring an additional 45,543 shares during the last quarter. Whalen Wealth Management Inc. acquired a new stake in Western Alliance Bancorporation during the 3rd quarter worth about $510,000. Pathstone Holdings LLC raised its position in shares of Western Alliance Bancorporation by 13.1% in the 3rd quarter. Pathstone Holdings LLC now owns 21,701 shares of the financial services provider’s stock worth $1,877,000 after acquiring an additional 2,509 shares in the last quarter. Finally, RiverPark Advisors LLC acquired a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $155,000. Institutional investors own 79.15% 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.