Western Alliance Bancorporation (NYSE:WAL) Stock Price Up 5.6% on Analyst Upgrade

Western Alliance Bancorporation (NYSE:WAL) rose 5.6% on Tuesday after Royal Bank of Canada raised their price target on the stock from $110.00 to $112.00. Royal Bank of Canada currently has an outperform rating on the stock. Western Alliance Bancorporation traded as high as $95.09 and last traded at $95.09. Approximately 8,649 shares traded hands during trading, a decline of 99% from the average daily volume of 778,037 shares. The stock had previously closed at $90.02.

Several other equities analysts also recently weighed in on the company. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “equal weight” rating to an “overweight” rating and set a $120.00 target price on the stock in a research report on Monday, April 19th. Truist Financial raised their price target on Western Alliance Bancorporation from $85.00 to $117.00 in a report on Tuesday, April 20th. Truist Securities raised their price target on Western Alliance Bancorporation from $85.00 to $117.00 and gave the company a “buy” rating in a report on Tuesday, April 20th. Citigroup raised their price target on Western Alliance Bancorporation from $72.00 to $99.00 in a report on Wednesday, April 14th. Finally, Zacks Investment Research cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Tuesday, July 6th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Western Alliance Bancorporation currently has an average rating of “Buy” and a consensus price target of $95.08.

In other news, Director Steven J. Hilton sold 10,000 shares of Western Alliance Bancorporation stock in a transaction dated Wednesday, May 5th. The stock was sold at an average price of $108.19, for a total value of $1,081,900.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Bryan K. Segedi bought 1,000 shares of Western Alliance Bancorporation stock in a transaction dated Friday, June 4th. The stock was purchased at an average cost of $100.65 per share, for a total transaction of $100,650.00. Following the completion of the acquisition, the director now directly owns 8,327 shares of the company’s stock, valued at approximately $838,112.55. The disclosure for this purchase can be found here. Insiders own 2.81% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of WAL. Wealthcare Advisory Partners LLC bought a new stake in Western Alliance Bancorporation during the first quarter worth approximately $28,000. Toth Financial Advisory Corp increased its stake in Western Alliance Bancorporation by 61.3% during the first quarter. Toth Financial Advisory Corp now owns 484 shares of the financial services provider’s stock worth $46,000 after acquiring an additional 184 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new stake in Western Alliance Bancorporation during the first quarter worth approximately $52,000. Rockefeller Capital Management L.P. increased its stake in Western Alliance Bancorporation by 124.8% during the first quarter. Rockefeller Capital Management L.P. now owns 571 shares of the financial services provider’s stock worth $53,000 after acquiring an additional 317 shares during the last quarter. Finally, Van ECK Associates Corp bought a new stake in Western Alliance Bancorporation during the first quarter worth approximately $53,000. 87.22% of the stock is currently owned by institutional investors.

The business has a 50 day moving average of $97.15. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $9.95 billion, a P/E ratio of 13.07 and a beta of 1.68.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Wednesday, July 14th. The financial services provider reported $2.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.15. Western Alliance Bancorporation had a return on equity of 21.97% and a net margin of 47.52%. During the same quarter last year, the firm earned $0.93 earnings per share. As a group, analysts anticipate that Western Alliance Bancorporation will post 8.44 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Friday, May 14th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, May 13th. This represents a $1.00 annualized dividend and a dividend yield of 1.04%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 19.84%.

About Western Alliance Bancorporation (NYSE:WAL)

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 two segments, Commercial and Consumer Related. 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.

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