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

Shares of Western Alliance Bancorporation (NYSE:WAL) hit a new 52-week high during trading on Friday following a dividend announcement from the company. The company traded as high as $93.91 and last traded at $93.44, with a volume of 220008 shares trading hands. 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 paid a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a yield of 1.8%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 19.24%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of Western Alliance Bancorporation from $104.00 to $107.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Wall Street Zen raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $105.00 price objective (up from $100.00) on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. UBS Group set a $106.00 price objective on Western Alliance Bancorporation in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Western Alliance Bancorporation in a research report on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $103.73.

Western Alliance Bancorporation Stock Performance

The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $87.13 and a 200 day simple moving average of $84.01. The company has a market capitalization of $10.34 billion, a price-to-earnings ratio of 10.76, a P/E/G ratio of 0.78 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Monday, January 26th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. The business had revenue of $980.90 million during the quarter, compared to analyst estimates of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.95 EPS. As a group, analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Large investors have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its position in shares of Western Alliance Bancorporation by 71.2% during the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after buying an additional 3,249 shares during the period. Jones Financial Companies Lllp raised its stake in shares of Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Western Alliance Bancorporation by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after purchasing an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock valued at $26,701,000 after buying an additional 35,276 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Western Alliance Bancorporation by 17.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,842 shares of the financial services provider’s stock valued at $327,000 after buying an additional 580 shares during the period. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.