Rep. Lance Gooden Sells Off Shares of Western Alliance Bancorporation (NYSE:WAL)

Representative Lance Gooden (R-Texas) recently sold shares of Western Alliance Bancorporation (NYSE:WAL). In a filing disclosed on December 12th, the Representative disclosed that they had sold between $50,001 and $100,000 in Western Alliance Bancorporation stock on November 15th.

Western Alliance Bancorporation Stock Down 0.8 %

WAL opened at $89.70 on Friday. The business has a 50 day moving average of $89.09 and a 200-day moving average of $78.62. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of 13.84, a P/E/G ratio of 1.41 and a beta of 1.45. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last posted 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 during the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.38 dividend. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, November 15th. Western Alliance Bancorporation’s payout ratio is currently 23.46%.

Analyst Ratings Changes

WAL has been the subject of several research reports. Piper Sandler reduced their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Wedbush lifted their target price on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. dropped 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 research report on Monday, October 21st. Truist Financial decreased their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Finally, Wells Fargo & Company raised their target price on Western Alliance Bancorporation from $92.00 to $102.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.40.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WAL. Blue Trust Inc. boosted its holdings in shares of Western Alliance Bancorporation by 58.4% in the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock valued at $44,000 after buying an additional 187 shares during the period. UMB Bank n.a. grew its stake in Western Alliance Bancorporation by 136.8% in the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after buying an additional 249 shares during the last quarter. Signaturefd LLC lifted its holdings in Western Alliance Bancorporation by 18.7% during the 3rd quarter. Signaturefd LLC now owns 1,598 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 252 shares during the last quarter. Wedmont Private Capital increased its position in Western Alliance Bancorporation by 5.7% during the third quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 276 shares during the period. Finally, Creative Planning boosted its stake in shares of Western Alliance Bancorporation by 6.1% in the second quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock valued at $362,000 after buying an additional 330 shares during the period. 79.15% of the stock is currently owned by institutional investors.

About Representative Gooden

Lance Gooden (Republican Party) is a member of the U.S. House, representing Texas’ 5th Congressional District. He assumed office on January 3, 2019. His current term ends on January 3, 2025. Gooden (Republican Party) is running for re-election to the U.S. House to represent Texas’ 5th Congressional District. He declared candidacy for the Republican primary scheduled on March 5, 2024. Before being elected to Congress, Gooden was a member of the Texas House of Representatives, representing District 4 from 2011 to 2015 and from 2017 to 2019. Gooden has also worked as an insurance and risk-management consultant. Lance Gooden was born in Terrell, Texas. He graduated from Terrell High School. He earned a bachelor’s degree in finance and government from the University of Texas. Gooden’s career experience includes working as an insurance broker.

Western Alliance Bancorporation Company Profile

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.