Western Alliance Bancorporation’s (WAL) “Buy” Rating Reiterated at DA Davidson

DA Davidson reiterated their buy rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $90.00 target price on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Western Alliance Bancorporation from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Wednesday, July 1st. UBS Group upped their price target on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Piper Sandler decreased their price objective on Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods upped their target price on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Finally, Barclays lowered their price target on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.71.

Western Alliance Bancorporation Trading Up 0.0%

WAL opened at $83.01 on Wednesday. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.81. The business has a 50 day simple moving average of $80.57 and a two-hundred day simple moving average of $81.22. The firm has a market capitalization of $9.06 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 0.75 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The firm had revenue of $995.70 million for the quarter, compared to analysts’ expectations of $980.53 million. During the same period in the previous year, the firm earned $2.07 earnings per share. The business’s revenue was up 17.7% compared to the same quarter last year. Analysts predict that Western Alliance Bancorporation will post 9.5 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were issued a dividend of $0.42 per share. The ex-dividend date was Thursday, May 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.

Insider Activity

In related news, CAO Ben Mucha sold 5,946 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. The trade was a 63.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.76% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Handelsbanken Fonder AB grew its holdings in shares of Western Alliance Bancorporation by 11.9% during the second quarter. Handelsbanken Fonder AB now owns 33,760 shares of the financial services provider’s stock valued at $2,775,000 after buying an additional 3,600 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Western Alliance Bancorporation by 10.7% in the 2nd quarter. GAMMA Investing LLC now owns 2,734 shares of the financial services provider’s stock worth $225,000 after purchasing an additional 264 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Western Alliance Bancorporation by 12.1% in the first quarter. NewEdge Advisors LLC now owns 10,611 shares of the financial services provider’s stock worth $752,000 after purchasing an additional 1,149 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Western Alliance Bancorporation by 46.0% in the first quarter. Bank of America Corp DE now owns 287,109 shares of the financial services provider’s stock worth $20,342,000 after purchasing an additional 90,498 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its holdings in shares of Western Alliance Bancorporation by 8.1% during the first quarter. Arkadios Wealth Advisors now owns 8,795 shares of the financial services provider’s stock valued at $623,000 after purchasing an additional 661 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

About Western Alliance Bancorporation

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.