Western Alliance Bancorporation (NYSE:WAL) Sets New 1-Year High After Dividend Announcement

Western Alliance Bancorporation (NYSE:WAL)’s share price hit a new 52-week high during trading on Friday following a dividend announcement from the company. The company traded as high as $93.91 and last traded at $93.44, with a volume of 220008 shares trading hands. The stock had previously closed at $91.11.

The newly announced dividend which will be paid on Friday, March 6th. Investors of record on Friday, February 20th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 1.8%. Western Alliance Bancorporation’s payout ratio is presently 19.24%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. TD Cowen lowered their price target on Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Western Alliance Bancorporation in a research note on Monday, December 29th. Wall Street Zen raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Industrial Alliance Securities set a $101.00 price target on Western Alliance Bancorporation in a report on Wednesday, January 28th. Finally, Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an “underweight” rating for the company in a research note on Thursday, October 23rd. Eleven equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $103.73.

Western Alliance Bancorporation Stock Up 3.1%

The firm has a market cap of $10.34 billion, a PE ratio of 10.76, a P/E/G ratio of 0.78 and a beta of 1.37. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.83 and a quick ratio of 0.79. The business has a fifty day moving average price of $87.13 and a two-hundred day moving average price of $84.01.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Monday, January 26th. The financial services provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. The firm had revenue of $980.90 million during the quarter, compared to analyst estimates of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period last year, the company posted $1.95 EPS. On average, analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of WAL. Ritholtz Wealth Management boosted its position in Western Alliance Bancorporation by 4.6% during the fourth quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 133 shares during the last quarter. Silver Oak Securities Incorporated raised its stake in shares of Western Alliance Bancorporation by 1.0% during the 3rd quarter. Silver Oak Securities Incorporated now owns 14,318 shares of the financial services provider’s stock worth $1,242,000 after purchasing an additional 138 shares in the last quarter. EJF Capital LLC lifted its holdings in shares of Western Alliance Bancorporation by 2.5% during the 2nd quarter. EJF Capital LLC now owns 6,223 shares of the financial services provider’s stock valued at $485,000 after buying an additional 149 shares during the last quarter. Salzhauer Michael grew its stake in shares of Western Alliance Bancorporation by 0.3% in the 3rd quarter. Salzhauer Michael now owns 44,815 shares of the financial services provider’s stock valued at $3,886,000 after buying an additional 152 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in Western Alliance Bancorporation by 5.2% in the fourth quarter. Truist Financial Corp now owns 3,102 shares of the financial services provider’s stock worth $261,000 after buying an additional 152 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.