Robert P. Latta Sells 2,996 Shares of Western Alliance Bancorporation (NYSE:WAL) Stock

Western Alliance Bancorporation (NYSE:WAL) Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now owns 4,056 shares in the company, valued at $335,634. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $78.55 on Friday. The firm has a market capitalization of $8.65 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.49 and a beta of 1.44. Western Alliance Bancorporation has a twelve month low of $38.81 and a twelve month high of $85.96. The company has a fifty day moving average of $75.90 and a 200-day moving average of $65.81. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07.

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 for the quarter, beating the consensus estimate of $1.71 by $0.04. The firm had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.96 earnings per share. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.48 annualized dividend and a yield of 1.88%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently added to or reduced their stakes in WAL. Allspring Global Investments Holdings LLC bought a new position in shares of Western Alliance Bancorporation in the 1st quarter worth $27,000. GAMMA Investing LLC lifted its stake in shares of 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 buying an additional 183 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter valued at about $36,000. Chilton Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation during the second quarter worth about $54,000. Finally, Versant Capital Management Inc raised its holdings in shares of Western Alliance Bancorporation by 26.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Barclays boosted their target price on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Royal Bank of Canada increased their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Bank of America lifted their target price on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Piper Sandler increased their price target on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Finally, Wells Fargo & Company raised their price objective on Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.27.

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.