Wells Fargo & Company Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $92.00

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

Other analysts also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an outperform rating in a report on Monday, July 22nd. Jefferies Financial Group upped their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a research report on Wednesday, July 3rd. Wedbush raised their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an outperform rating in a research note on Tuesday, September 24th. Piper Sandler boosted their target price on shares of 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, Truist Financial raised their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a buy rating in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $87.87.

Western Alliance Bancorporation Stock Down 0.3 %

NYSE WAL opened at $82.74 on Tuesday. The company has a market capitalization of $9.11 billion, a P/E ratio of 12.06, a PEG ratio of 1.62 and a beta of 1.44. Western Alliance Bancorporation has a 12 month low of $38.81 and a 12 month high of $88.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85. The company’s 50 day simple moving average is $80.10 and its 200 day simple moving average is $68.56.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.96 EPS. Equities research analysts expect that Western Alliance Bancorporation will post 7.4 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.79%. The ex-dividend date was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Insider Activity

In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now owns 4,056 shares of the company’s stock, valued at approximately $335,634. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares in the company, valued at approximately $335,634. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,265 shares of company stock worth $1,700,391. 2.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of Western Alliance Bancorporation in the third quarter valued at about $722,000. Sanctuary Advisors LLC acquired a new stake in Western Alliance Bancorporation in the 2nd quarter valued at approximately $221,000. LHM Inc. grew its holdings in Western Alliance Bancorporation by 55.4% in the 2nd quarter. LHM Inc. now owns 52,554 shares of the financial services provider’s stock valued at $3,301,000 after buying an additional 18,740 shares during the last quarter. Creative Planning increased its position in Western Alliance Bancorporation by 6.1% in the 2nd quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock worth $362,000 after buying an additional 330 shares during the period. Finally, Algert Global LLC lifted its holdings in shares of Western Alliance Bancorporation by 18.8% during the second quarter. Algert Global LLC now owns 145,540 shares of the financial services provider’s stock worth $9,143,000 after buying an additional 22,989 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

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.