Western Alliance Bancorporation (NYSE:WAL) Reaches New 52-Week High Following Dividend Announcement

Western Alliance Bancorporation (NYSE:WAL) reached a new 52-week high during trading on Friday after the company announced a dividend. The company traded as high as $93.91 and last traded at $93.44, with a volume of 220008 shares. The stock had previously closed at $91.11.

The newly announced dividend which will be paid on Friday, March 6th. Shareholders of record on Friday, February 20th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio is currently 19.24%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on WAL. Keefe, Bruyette & Woods lifted their price objective on Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Wall Street Zen raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. TD Cowen cut their price objective on shares of Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. Finally, Jefferies Financial Group boosted their price objective on shares of Western Alliance Bancorporation from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Wednesday, January 28th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $103.73.

Western Alliance Bancorporation Trading Up 3.6%

The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.79 and a current ratio of 0.83. The stock has a market capitalization of $10.39 billion, a PE ratio of 10.82, a P/E/G ratio of 0.77 and a beta of 1.37. The company has a 50 day moving average of $87.39 and a two-hundred day moving average of $84.11.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Monday, January 26th. The financial services provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company had revenue of $980.90 million during the quarter, compared to analysts’ expectations of $912.69 million. During the same period last year, the business earned $1.95 EPS. Western Alliance Bancorporation’s revenue for the quarter was up 17.0% on a year-over-year basis. Sell-side analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Ritholtz Wealth Management increased its holdings in Western Alliance Bancorporation by 4.6% in the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock worth $255,000 after buying an additional 133 shares during the period. Silver Oak Securities Incorporated boosted its holdings in shares of Western Alliance Bancorporation by 1.0% in the 3rd quarter. Silver Oak Securities Incorporated now owns 14,318 shares of the financial services provider’s stock valued at $1,242,000 after acquiring an additional 138 shares during the last quarter. EJF Capital LLC increased its stake in shares of Western Alliance Bancorporation by 2.5% in the second quarter. EJF Capital LLC now owns 6,223 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 149 shares during the period. Salzhauer Michael increased its stake in shares of Western Alliance Bancorporation by 0.3% in the third quarter. Salzhauer Michael now owns 44,815 shares of the financial services provider’s stock worth $3,886,000 after acquiring an additional 152 shares during the period. Finally, Truist Financial Corp raised its holdings in shares of Western Alliance Bancorporation by 5.2% during the fourth quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider’s stock worth $261,000 after purchasing an additional 152 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.