Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $92.00 by Analysts at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by Wells Fargo & Company from $85.00 to $92.00 in a research note published on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other analysts also recently issued reports on WAL. Deutsche Bank Aktiengesellschaft raised their price target on Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a hold rating in a research report on Tuesday, July 23rd. StockNews.com downgraded Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Tuesday, August 13th. Barclays upped their price objective on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an overweight rating in a report on Monday, July 22nd. JPMorgan Chase & Co. upped their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an overweight rating in a research report on Tuesday, July 23rd. Finally, Wedbush boosted their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an outperform rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of Moderate Buy and an average target price of $87.87.

Western Alliance Bancorporation Trading Up 2.0 %

Shares of WAL opened at $84.41 on Tuesday. The stock has a market capitalization of $9.29 billion, a PE ratio of 12.30, a P/E/G ratio of 1.57 and a beta of 1.44. The company’s fifty day moving average is $80.16 and its 200 day moving average is $68.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same period in the previous year, the firm posted $1.96 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. Sell-side analysts expect that Western Alliance Bancorporation will post 7.39 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Insider Activity

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the transaction, the insider now owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,265 shares of company stock valued at $1,700,391 in the last quarter. Insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds have recently added to or reduced their stakes in WAL. Treasurer of the State of North Carolina increased its holdings in shares of Western Alliance Bancorporation by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 47,942 shares of the financial services provider’s stock valued at $3,154,000 after acquiring an additional 470 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Western Alliance Bancorporation by 176.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 594,469 shares of the financial services provider’s stock worth $39,110,000 after acquiring an additional 379,245 shares during the last quarter. Peapack Gladstone Financial Corp lifted its holdings in Western Alliance Bancorporation by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after purchasing an additional 303 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Western Alliance Bancorporation by 166.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 32,349 shares of the financial services provider’s stock valued at $2,128,000 after purchasing an additional 20,198 shares during the period. Finally, Petiole USA ltd increased its stake in shares of Western Alliance Bancorporation by 8.0% during the 4th quarter. Petiole USA ltd now owns 67,273 shares of the financial services provider’s stock valued at $4,426,000 after acquiring an additional 5,000 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.