Western Alliance Bancorporation (NYSE:WAL – Get Free Report) announced a quarterly dividend on Monday, February 5th, Wall Street Journal reports. Stockholders of record on Friday, February 16th will be given a dividend of 0.37 per share by the financial services provider on Friday, March 1st. This represents a $1.48 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Thursday, February 15th.
Western Alliance Bancorporation has raised its dividend payment by an average of 13.2% annually over the last three years and has increased its dividend every year for the last 3 years. Western Alliance Bancorporation has a payout ratio of 15.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Western Alliance Bancorporation to earn $9.33 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 15.9%.
Western Alliance Bancorporation Trading Up 2.0 %
NYSE WAL opened at $62.81 on Tuesday. The firm has a market cap of $6.88 billion, a PE ratio of 9.60 and a beta of 1.50. Western Alliance Bancorporation has a 52 week low of $7.46 and a 52 week high of $76.90. The company has a quick ratio of 0.97, a current ratio of 1.00 and a debt-to-equity ratio of 1.77. The company has a 50 day moving average price of $62.81 and a 200 day moving average price of $52.89.
Insider Activity at Western Alliance Bancorporation
In related news, Director Robert P. Latta sold 5,370 shares of the business’s stock in a transaction on Monday, December 11th. The shares were sold at an average price of $56.07, for a total value of $301,095.90. Following the completion of the transaction, the director now directly owns 2,996 shares in the company, valued at approximately $167,985.72. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.51% of the company’s stock.
Hedge Funds Weigh In On Western Alliance Bancorporation
A number of large investors have recently added to or reduced their stakes in WAL. State Street Corp raised its position in Western Alliance Bancorporation by 44.4% during the first quarter. State Street Corp now owns 4,056,477 shares of the financial services provider’s stock worth $144,167,000 after acquiring an additional 1,246,855 shares during the period. Norges Bank acquired a new position in Western Alliance Bancorporation during the fourth quarter worth $68,940,000. Alyeska Investment Group L.P. acquired a new position in Western Alliance Bancorporation during the first quarter worth $32,430,000. Wellington Management Group LLP raised its position in Western Alliance Bancorporation by 21.5% during the first quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock worth $411,724,000 after acquiring an additional 880,430 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in Western Alliance Bancorporation during the first quarter worth $24,419,000. 72.04% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
WAL has been the topic of several research analyst reports. Piper Sandler dropped their target price on shares of Western Alliance Bancorporation from $60.00 to $59.00 and set an “overweight” rating on the stock in a research report on Monday, October 23rd. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Friday, November 3rd. Truist Financial upped their price objective on shares of Western Alliance Bancorporation from $60.00 to $80.00 and gave the company a “buy” rating in a report on Friday, December 15th. Citigroup upped their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, October 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $60.56.
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.
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