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 Price Performance

WAL stock opened at $89.70 on Friday. The stock has a market capitalization 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 52-week low of $53.75 and a 52-week high of $98.10. The stock’s fifty day simple moving average is $89.09 and its 200-day simple moving average is $78.62.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The business had revenue of $833.10 million during the quarter, compared to analysts’ expectations of $811.40 million. Equities research analysts expect that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

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

Analysts Set New Price Targets

Several brokerages recently issued reports on WAL. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. decreased their target price on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Wells Fargo & Company upped their price objective on shares of Western Alliance Bancorporation from $92.00 to $102.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Piper Sandler reduced their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research note on Monday, October 21st. Finally, Barclays lifted their price target on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $93.40.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after acquiring an additional 1,418,472 shares during the last quarter. FMR LLC boosted its holdings in Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock worth $241,568,000 after buying an additional 1,347,921 shares in the last quarter. LHM Inc. grew its position in Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock worth $47,606,000 after buying an additional 723,995 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after buying an additional 636,577 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Western Alliance Bancorporation by 6,342.7% during the 3rd quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock valued at $44,522,000 after acquiring an additional 506,778 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

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.

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.