Barclays Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $92.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by Barclays from $86.00 to $92.00 in a research report sent to investors on Monday, Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

Several other research analysts have also issued reports on WAL. Truist Financial dropped their price target on shares of Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating for the company in a research report on Monday, July 8th. Piper Sandler increased their price target on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an overweight rating in a research report on Monday. Keefe, Bruyette & Woods dropped their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a report on Monday, April 22nd. Hovde Group initiated coverage on shares of Western Alliance Bancorporation in a report on Monday, April 22nd. They set an outperform rating and a $75.00 price objective for the company. Finally, Wedbush reaffirmed an outperform rating and set a $70.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $79.79 on Monday. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $81.15. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $8.79 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. The firm has a 50-day moving average price of $64.18 and a 200 day moving average price of $61.99.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The firm had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. During the same quarter in the prior year, the business posted $1.96 earnings per share. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. Research analysts anticipate that Western Alliance Bancorporation will post 7.41 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were paid a dividend of $0.37 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 1.85%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

Insider Activity

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.75% of the stock is owned by insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation in the first quarter valued at approximately $27,000. GAMMA Investing LLC boosted its stake in Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the last quarter. ORG Partners LLC bought a new position in Western Alliance Bancorporation in the second quarter valued at approximately $36,000. Rakuten Securities Inc. bought a new position in Western Alliance Bancorporation in the fourth quarter valued at approximately $65,000. Finally, Versant Capital Management Inc boosted its stake in Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 244 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

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.