Western Alliance Bancorporation (NYSE:WAL) Sees Large Volume Increase

Posted by Defense World Staff on Apr 21st, 2023

Western Alliance Bancorporation (NYSE:WAL – Get Rating) shares saw unusually-strong trading volume on Wednesday . Approximately 4,130,968 shares traded hands during trading, a decline of 32% from the previous session’s volume of 6,060,087 shares.The stock last traded at $38.35 and had previously closed at $32.51.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on WAL shares. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Wednesday, April 12th. Odeon Capital Group started coverage on shares of Western Alliance Bancorporation in a report on Wednesday. They set a “hold” rating and a $32.00 price target for the company. Bank of America raised their price target on shares of Western Alliance Bancorporation from $41.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday. Hovde Group lowered their price target on shares of Western Alliance Bancorporation from $65.00 to $55.00 in a report on Thursday, April 6th. Finally, TheStreet lowered shares of Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.96.

Western Alliance Bancorporation Trading Down 2.0 %

The firm’s 50-day moving average is $49.47 and its 200-day moving average is $60.20. The company has a current ratio of 1.00, a quick ratio of 0.98 and a debt-to-equity ratio of 1.42. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 4.51, a P/E/G ratio of 0.38 and a beta of 1.36.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last posted its quarterly earnings results on Wednesday, April 19th. The financial services provider reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.31 by ($0.01). Western Alliance Bancorporation had a net margin of 28.75% and a return on equity of 22.19%. The business had revenue of $910.90 million during the quarter, compared to analyst estimates of $648.39 million. During the same period in the previous year, the business posted $2.22 EPS. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 8.34 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 3rd. Investors of record on Friday, February 17th were given a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.64%. The ex-dividend date of this dividend was Thursday, February 16th. Western Alliance Bancorporation’s payout ratio is currently 16.44%.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 1,750 shares of Western Alliance Bancorporation stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $73.16, for a total transaction of $128,030.00. Following the transaction, the insider now directly owns 20,244 shares of the company’s stock, valued at approximately $1,481,051.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Marianne Boyd Johnson acquired 2,475 shares of the business’s stock in a transaction on Monday, March 13th. The shares were purchased at an average cost of $25.79 per share, with a total value of $63,830.25. Following the acquisition, the director now directly owns 2,475 shares of the company’s stock, valued at $63,830.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Tim R. Bruckner sold 1,750 shares of Western Alliance Bancorporation stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total transaction of $128,030.00. Following the transaction, the insider now directly owns 20,244 shares in the company, valued at $1,481,051.04. The disclosure for this sale can be found here. 2.57% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the company. Guggenheim Capital LLC grew its position in Western Alliance Bancorporation by 3.2% during the first quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock valued at $400,000 after buying an additional 151 shares during the period. Boston Partners grew its position in Western Alliance Bancorporation by 0.9% during the third quarter. Boston Partners now owns 16,953 shares of the financial services provider’s stock valued at $1,114,000 after buying an additional 152 shares during the period. Lingohr & Partner Asset Management GmbH grew its position in Western Alliance Bancorporation by 2.6% during the third quarter. Lingohr & Partner Asset Management GmbH now owns 6,054 shares of the financial services provider’s stock valued at $407,000 after buying an additional 154 shares during the period. CWM LLC grew its position in Western Alliance Bancorporation by 3.7% during the fourth quarter. CWM LLC now owns 4,343 shares of the financial services provider’s stock valued at $259,000 after buying an additional 154 shares during the period. Finally, PFS Investments Inc. grew its position in Western Alliance Bancorporation by 5.3% during the third quarter. PFS Investments Inc. now owns 3,882 shares of the financial services provider’s stock valued at $255,000 after buying an additional 194 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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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.