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

Shares of Western Alliance Bancorporation (NYSE:WALGet Rating) have been given a consensus rating of “Buy” by the ten brokerages that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $122.88.

A number of equities research analysts recently weighed in on the company. Wedbush lifted their target price on Western Alliance Bancorporation from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, April 25th. Truist Financial decreased their target price on Western Alliance Bancorporation from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com assumed coverage on Western Alliance Bancorporation in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Piper Sandler decreased their target price on Western Alliance Bancorporation to $105.00 in a research report on Friday, May 20th.

In related news, CFO Dale Gibbons acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, June 10th. The shares were acquired at an average cost of $77.22 per share, with a total value of $154,440.00. Following the transaction, the chief financial officer now owns 258,365 shares of the company’s stock, valued at approximately $19,950,945.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO J. Kelly Jr. Ardrey acquired 3,000 shares of the business’s stock in a transaction that occurred on Thursday, April 28th. The stock was bought at an average cost of $78.67 per share, for a total transaction of $236,010.00. Following the completion of the transaction, the chief accounting officer now directly owns 6,090 shares in the company, valued at approximately $479,100.30. The disclosure for this purchase can be found here. Insiders bought a total of 7,150 shares of company stock valued at $549,224 in the last three months. 2.81% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Toronto Dominion Bank lifted its position in Western Alliance Bancorporation by 3,158.8% during the 4th quarter. Toronto Dominion Bank now owns 36,108 shares of the financial services provider’s stock worth $3,887,000 after buying an additional 35,000 shares in the last quarter. Industrial Alliance Investment Management Inc. bought a new stake in Western Alliance Bancorporation during the 4th quarter worth about $39,000. Janus Henderson Group PLC lifted its position in Western Alliance Bancorporation by 274.1% during the 3rd quarter. Janus Henderson Group PLC now owns 16,364 shares of the financial services provider’s stock worth $1,780,000 after buying an additional 11,990 shares in the last quarter. Toth Financial Advisory Corp lifted its position in Western Alliance Bancorporation by 191.1% during the 4th quarter. Toth Financial Advisory Corp now owns 1,409 shares of the financial services provider’s stock worth $152,000 after buying an additional 925 shares in the last quarter. Finally, Aptus Capital Advisors LLC lifted its position in Western Alliance Bancorporation by 23.5% during the 4th quarter. Aptus Capital Advisors LLC now owns 33,720 shares of the financial services provider’s stock worth $3,630,000 after buying an additional 6,426 shares in the last quarter. 87.16% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:WAL traded up $0.77 during midday trading on Friday, hitting $69.81. The company’s stock had a trading volume of 986,441 shares, compared to its average volume of 684,896. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of 7.77, a PEG ratio of 0.70 and a beta of 1.44. The stock’s 50 day simple moving average is $77.18 and its 200 day simple moving average is $91.27. Western Alliance Bancorporation has a fifty-two week low of $68.42 and a fifty-two week high of $124.93. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.83 and a current ratio of 0.92.

Western Alliance Bancorporation (NYSE:WALGet Rating) last issued its quarterly earnings results on Thursday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.13. The company had revenue of $555.80 million for the quarter, compared to the consensus estimate of $540.09 million. Western Alliance Bancorporation had a return on equity of 21.77% and a net margin of 41.03%. The firm’s revenue was up 64.9% compared to the same quarter last year. During the same period last year, the business posted $1.90 earnings per share. As a group, analysts anticipate that Western Alliance Bancorporation will post 9.88 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 27th. Shareholders of record on Friday, May 13th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date was Thursday, May 12th. Western Alliance Bancorporation’s dividend payout ratio is presently 15.57%.

Western Alliance Bancorporation Company Profile (Get Rating)

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 in Commercial, Consumer Related, and Corporate & Other 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; and treasury management and residential mortgage products and services.

Further Reading

Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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