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

Shares of Western Alliance Bancorporation (NYSE:WAL) have been given a consensus rating of “Moderate Buy” by the fourteen ratings firms that are covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $94.00.

Several equities research analysts have commented on the stock. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. Keefe, Bruyette & Woods upped their target price on Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Citigroup raised their price target on Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, June 25th. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Finally, DA Davidson cut their price objective on Western Alliance Bancorporation from $93.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, May 13th.

Insider Activity

In related news, CAO Ben Mucha sold 5,946 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This trade represents a 63.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.68% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock worth $518,578,000 after acquiring an additional 1,599,537 shares during the period. Norges Bank bought a new stake in Western Alliance Bancorporation in the 4th quarter valued at $125,482,000. Price T Rowe Associates Inc. MD lifted its holdings in Western Alliance Bancorporation by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after purchasing an additional 777,369 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Western Alliance Bancorporation by 2,331.6% during the 4th quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock valued at $40,817,000 after purchasing an additional 465,541 shares during the last quarter. Finally, M&T Bank Corp boosted its position in Western Alliance Bancorporation by 7,920.9% during the fourth quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock worth $26,535,000 after purchasing an additional 311,689 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Down 0.3%

Western Alliance Bancorporation stock traded down $0.21 during midday trading on Tuesday, reaching $82.29. The stock had a trading volume of 33,589 shares, compared to its average volume of 1,222,974. The stock has a market capitalization of $8.98 billion, a P/E ratio of 9.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.34. The firm’s fifty day simple moving average is $79.97 and its 200-day simple moving average is $81.62. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.86. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The company had revenue of $968.40 million during the quarter, compared to analysts’ expectations of $944.18 million. During the same period last year, the business earned $1.79 EPS. The business’s quarterly revenue was up 31.0% on a year-over-year basis. As a group, analysts expect that Western Alliance Bancorporation will post 9.81 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were paid a dividend of $0.42 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation’s payout ratio is currently 19.56%.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.