Bank of America Increases Western Alliance Bancorporation (NYSE:WAL) Price Target to $98.00

Western Alliance Bancorporation (NYSE:WAL) had its price target increased by Bank of America from $82.00 to $98.00 in a research report released on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on the stock. StockNews.com upgraded shares of Western Alliance Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. Royal Bank of Canada lifted their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a report on Monday. JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a report on Thursday, April 4th. Barclays boosted their price objective on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an overweight rating in a report on Monday. Finally, DA Davidson cut their price objective on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation presently has an average rating of Moderate Buy and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Up 4.2 %

Shares of NYSE WAL opened at $79.79 on Monday. 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 stock has a market capitalization of $8.79 billion, a PE ratio of 11.63, a P/E/G ratio of 1.47 and a beta of 1.46. The firm has a fifty day moving average of $64.18 and a 200-day moving average of $61.99. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $81.15.

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, beating the consensus estimate of $1.71 by $0.04. The business had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.96 EPS. On average, analysts anticipate that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

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

Insider Transactions at Western Alliance Bancorporation

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

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its position in shares of Western Alliance Bancorporation by 5.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 684,016 shares of the financial services provider’s stock valued at $42,970,000 after buying an additional 34,275 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its position in shares of Western Alliance Bancorporation by 1.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock valued at $102,603,000 after buying an additional 20,254 shares during the last quarter. Raymond James & Associates grew its position in shares of Western Alliance Bancorporation by 1.6% during the 2nd quarter. Raymond James & Associates now owns 21,429 shares of the financial services provider’s stock valued at $1,346,000 after buying an additional 340 shares during the last quarter. ORG Partners LLC bought a new position in Western Alliance Bancorporation in the 2nd quarter worth about $36,000. Finally, M&G Plc grew its position in Western Alliance Bancorporation by 12.4% in the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock worth $8,421,000 after purchasing an additional 14,734 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

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.