Western Alliance Bancorporation (NYSE:WAL) Upgraded to “Hold” by StockNews.com

Posted by Defense World Staff on Feb 28th, 2023

StockNews.com upgraded shares of Western Alliance Bancorporation (NYSE:WAL – Get Rating) from a sell rating to a hold rating in a research report sent to investors on Monday morning.

Other analysts also recently issued reports about the stock. Stephens increased their price target on shares of Western Alliance Bancorporation from $80.00 to $86.00 in a report on Thursday, January 26th. TheStreet raised Western Alliance Bancorporation from a c+ rating to a b rating in a research report on Thursday, February 2nd. Finally, JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $89.00 to $65.00 and set a neutral rating for the company in a report on Tuesday, December 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $86.75.

Western Alliance Bancorporation Trading Up 0.7 %

Shares of NYSE:WAL opened at $74.31 on Monday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.98 and a current ratio of 1.00. The stock’s 50-day moving average is $68.01 and its 200-day moving average is $69.22. The company has a market cap of $8.15 billion, a P/E ratio of 7.66, a P/E/G ratio of 0.69 and a beta of 1.43. Western Alliance Bancorporation has a 52-week low of $54.86 and a 52-week high of $94.57.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last released its earnings results on Wednesday, January 25th. The financial services provider reported $2.67 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.67. Western Alliance Bancorporation had a return on equity of 22.00% and a net margin of 34.94%. The firm had revenue of $701.20 million for the quarter, compared to analyst estimates of $733.13 million. During the same quarter last year, the firm posted $2.32 EPS. The company’s revenue was up 25.0% on a year-over-year basis. Equities research analysts predict that Western Alliance Bancorporation will post 10.34 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 3rd. Investors of record on Friday, February 17th will be given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, February 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 14.85%.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Tim R. Bruckner sold 1,750 shares of the stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total value of $128,030.00. Following the completion of the transaction, the insider now directly owns 20,244 shares of the company’s stock, valued at approximately $1,481,051.04. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently made changes to their positions in WAL. Price T Rowe Associates Inc. MD boosted its position in Western Alliance Bancorporation by 5.9% in the second quarter. Price T Rowe Associates Inc. MD now owns 14,481,293 shares of the financial services provider’s stock valued at $1,022,379,000 after buying an additional 808,692 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 9,361,098 shares of the financial services provider’s stock valued at $775,286,000 after acquiring an additional 347,525 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Western Alliance Bancorporation by 7.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,058,243 shares of the financial services provider’s stock worth $360,829,000 after acquiring an additional 402,614 shares in the last quarter. Wellington Management Group LLP grew its position in Western Alliance Bancorporation by 21.5% during the 1st 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 last quarter. Finally, BlackRock Inc. increased its holdings in Western Alliance Bancorporation by 0.8% during the 3rd quarter. BlackRock Inc. now owns 4,512,815 shares of the financial services provider’s stock valued at $296,673,000 after purchasing an additional 34,763 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

About Western Alliance Bancorporation

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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