Western Alliance Bancorporation (NYSE:WAL) Reaches New 52-Week High – Here’s Why

Western Alliance Bancorporation (NYSE:WAL)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $89.41 and last traded at $89.21, with a volume of 153990 shares. The stock had previously closed at $88.69.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America increased their target price on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Truist Financial lifted their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Jefferies Financial Group raised their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Barclays upped their price objective on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Piper Sandler raised their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.53.

Western Alliance Bancorporation Trading Up 0.8 %

The company has a 50 day simple moving average of $81.58 and a two-hundred day simple moving average of $70.04. The company has a market cap of $10.09 billion, a PE ratio of 13.67, a PEG ratio of 1.35 and a beta of 1.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. During the same quarter in the prior year, the company posted $1.96 EPS. The firm’s revenue was up 15.3% on a year-over-year basis. Sell-side analysts forecast that Western Alliance Bancorporation will post 7.41 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio is 22.26%.

Insider Activity

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at $650,843.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the transaction, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by insiders.

Institutional Trading of Western Alliance Bancorporation

A number of large investors have recently bought and sold shares of WAL. ORG Wealth Partners LLC bought a new position in shares of Western Alliance Bancorporation during the third quarter worth approximately $33,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth approximately $27,000. UMB Bank n.a. boosted its stake in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 249 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 183 shares during the period. Finally, ORG Partners LLC acquired a new position in Western Alliance Bancorporation during the second quarter worth $36,000. 79.15% of the stock is owned by institutional investors.

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.