Western Alliance Bancorporation (NYSE:WAL) Given Average Rating of “Buy” by Brokerages

Shares of Western Alliance Bancorporation (NYSE:WAL – Get Rating) have earned a consensus recommendation of “Buy” from the ten ratings firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $122.88.

WAL has been the topic of a number of recent research reports. Truist Financial decreased their price objective on Western Alliance Bancorporation from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. Wedbush lifted their price target on Western Alliance Bancorporation from $100.00 to $105.00 and gave the stock an “outperform” rating in a research report on Monday, April 25th. StockNews.com assumed coverage on Western Alliance Bancorporation in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Piper Sandler reduced their price objective on Western Alliance Bancorporation to $105.00 in a research note on Friday, May 20th.

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey purchased 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The shares were purchased at an average cost of $73.57 per share, for a total transaction of $147,140.00. Following the completion of the purchase, the chief accounting officer now directly owns 8,090 shares in the company, valued at $595,181.30. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 7,150 shares of company stock worth $549,224 over the last quarter. Company insiders own 2.81% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. NEXT Financial Group Inc purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at $25,000. Quent Capital LLC grew its position in Western Alliance Bancorporation by 117.6% during the first quarter. Quent Capital LLC now owns 296 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 160 shares during the period. Meeder Asset Management Inc. purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $27,000. Tobam purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at about $40,000. Finally, National Bank of Canada FI purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at about $46,000. 87.16% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE WAL traded up $0.77 during trading hours on Friday, reaching $69.81. 986,441 shares of the stock traded hands, compared to its average volume of 684,896. The company has a quick ratio of 0.83, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The company’s 50-day simple moving average is $77.18 and its two-hundred day simple moving average is $91.27. The company has a market capitalization of $7.56 billion, a P/E ratio of 7.77, a price-to-earnings-growth ratio of 0.70 and a beta of 1.44. Western Alliance Bancorporation has a 52-week low of $68.42 and a 52-week high of $124.93.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last released its earnings results on Thursday, April 21st. The financial services provider reported $2.22 EPS for the quarter, topping the consensus estimate of $2.09 by $0.13. The business had revenue of $555.80 million for the quarter, compared to the consensus estimate of $540.09 million. Western Alliance Bancorporation had a return on equity of 21.77% and a net margin of 41.03%. The company’s revenue for the quarter was up 64.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 earnings per share. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 9.88 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 27th. Shareholders of record on Friday, May 13th were paid a $0.35 dividend. The ex-dividend date was Thursday, May 12th. This represents a $1.40 annualized dividend and a dividend yield of 2.01%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 15.57%.

About Western Alliance Bancorporation (Get Rating)

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 in Commercial, Consumer Related, and Corporate & Other 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; and treasury management and residential mortgage products and services.

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