Western Alliance Bancorporation (NYSE:WAL) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Western Alliance Bancorporation has an average analyst rating of “Moderate Buy” from 14 brokerages, with 10 buy ratings and 4 holds; the average 1-year price target is about $92.93.
• The company posted better-than-expected quarterly results, earning $2.22 per share versus estimates of $1.48 and generating $968.4 million in revenue, which was also above forecasts and up 31% year over year.
• WAL also recently declared a quarterly dividend of $0.42 per share, equal to a 2.0% annualized yield, while insider Ben Mucha sold shares in a June transaction and institutional ownership remains high at 79.15%.

Shares of Western Alliance Bancorporation (NYSE:WAL - Get Free Report) have received an average recommendation of "Moderate Buy" from the fourteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $92.9286.

Several research firms recently issued reports on WAL. Weiss Ratings raised shares of Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. DA Davidson dropped their price target on shares of Western Alliance Bancorporation from $93.00 to $90.00 and set a "buy" rating on the stock in a research note on Wednesday, May 13th. TD Cowen downgraded shares of Western Alliance Bancorporation from a "buy" rating to a "hold" rating and set a $83.00 price target on the stock. in a research note on Monday, March 9th. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and dropped their price target for the stock from $83.00 to $79.00 in a research note on Monday, March 9th. Finally, UBS Group lifted their price target on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th.

Western Alliance Bancorporation Stock Up 0.9%

Shares of WAL opened at $82.34 on Friday. The firm has a market cap of $8.99 billion, a PE ratio of 9.59, a price-to-earnings-growth ratio of 0.62 and a beta of 1.34. The company's fifty day moving average is $78.23 and its two-hundred day moving average is $81.92. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.48 by $0.74. The company had revenue of $968.40 million for the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. Western Alliance Bancorporation's revenue for the quarter was up 31.0% on a year-over-year basis. During the same quarter last year, the business earned $1.79 EPS. Analysts forecast that Western Alliance Bancorporation will post 9.8 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 19.56%.

Insiders Place Their Bets

In other news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation 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 completion of the transaction, the chief accounting officer directly owned 3,485 shares of the company's stock, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Clearstead Advisors LLC lifted its stake in shares of Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock worth $35,000 after acquiring an additional 243 shares during the period. Community Bank N.A. acquired a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth approximately $37,000. Los Angeles Capital Management LLC acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $38,000. Smartleaf Asset Management LLC lifted its stake in shares of Western Alliance Bancorporation by 113.0% in the 3rd quarter. Smartleaf Asset Management LLC now owns 443 shares of the financial services provider's stock worth $39,000 after acquiring an additional 235 shares during the period. Finally, Assetmark Inc. lifted its stake in shares of Western Alliance Bancorporation by 86.0% in the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after acquiring an additional 259 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.