Western Alliance Bancorporation (NYSE:WAL) Stock Unloaded Rep. Lance Gooden

Representative Lance Gooden (R-Texas) recently sold shares of Western Alliance Bancorporation (NYSE:WAL). In a filing disclosed on December 12th, the Representative disclosed that they had sold between $50,001 and $100,000 in Western Alliance Bancorporation stock on November 15th.

Western Alliance Bancorporation Trading Down 0.8 %

NYSE:WAL traded down $0.70 on Friday, reaching $89.70. The company’s stock had a trading volume of 699,932 shares, compared to its average volume of 654,072. The firm has a market cap of $9.87 billion, a price-to-earnings ratio of 13.84, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 12-month low of $53.75 and a 12-month high of $98.10. The stock has a 50 day moving average price of $89.09 and a 200 day moving average price of $78.62.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The company had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, equities analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 15th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a yield of 1.69%. Western Alliance Bancorporation’s dividend payout ratio is currently 23.46%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in WAL. Retirement Systems of Alabama acquired a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $11,461,000. Oddo BHF Asset Management Sas purchased a new position in shares of Western Alliance Bancorporation in the third quarter valued at $639,000. Franklin Resources Inc. grew its stake in shares of Western Alliance Bancorporation by 17.0% during the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock valued at $27,970,000 after acquiring an additional 45,764 shares in the last quarter. Sanctuary Advisors LLC increased its position in shares of Western Alliance Bancorporation by 89.5% during the third quarter. Sanctuary Advisors LLC now owns 7,125 shares of the financial services provider’s stock worth $667,000 after acquiring an additional 3,365 shares during the last quarter. Finally, TCW Group Inc. purchased a new position in Western Alliance Bancorporation in the third quarter valued at about $2,420,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on WAL shares. Wells Fargo & Company upped their price target on Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Wedbush increased their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a research report on Friday, October 18th. Piper Sandler cut their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Finally, Truist Financial cut their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.40.

About Representative Gooden

Lance Gooden (Republican Party) is a member of the U.S. House, representing Texas’ 5th Congressional District. He assumed office on January 3, 2019. His current term ends on January 3, 2025. Gooden (Republican Party) is running for re-election to the U.S. House to represent Texas’ 5th Congressional District. He declared candidacy for the Republican primary scheduled on March 5, 2024. Before being elected to Congress, Gooden was a member of the Texas House of Representatives, representing District 4 from 2011 to 2015 and from 2017 to 2019. Gooden has also worked as an insurance and risk-management consultant. Lance Gooden was born in Terrell, Texas. He graduated from Terrell High School. He earned a bachelor’s degree in finance and government from the University of Texas. Gooden’s career experience includes working as an insurance broker.

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.