Western Alliance Bancorporation (NYSE:WAL) Given New $102.00 Price Target at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL) had its price objective lifted by Wells Fargo & Company from $92.00 to $102.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Truist Financial dropped their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $101.00 in a report on Monday, October 7th. Stephens reiterated an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, October 18th. Finally, Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.40.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $91.96 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $10.12 billion, a PE ratio of 14.19, a price-to-earnings-growth ratio of 1.46 and a beta of 1.45. Western Alliance Bancorporation has a twelve month low of $53.57 and a twelve month high of $98.10. The stock’s 50-day simple moving average is $88.28 and its 200 day simple moving average is $77.37.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.10). The company had revenue of $833.10 million for the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were issued a $0.38 dividend. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.65%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Insiders Place Their Bets

In related news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $82.75, for a total transaction of $247,919.00. Following the sale, the director now owns 4,056 shares in the company, valued at $335,634. This represents a 42.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after acquiring an additional 1,418,472 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after purchasing an additional 636,577 shares during the period. William Blair Investment Management LLC increased its stake in Western Alliance Bancorporation by 0.7% in the second quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock valued at $176,764,000 after purchasing an additional 20,876 shares in the last quarter. FMR LLC raised its holdings in shares of Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after purchasing an additional 1,347,921 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Western Alliance Bancorporation by 4.1% during the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock worth $164,019,000 after purchasing an additional 74,956 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.