In yesterday’s Wall Street session, Western Alliance Bancorporation (NYSE:WAL) shares traded at $35.18, up 1.06% from the previous session.
As of this writing, 16 analysts cover Western Alliance Bancorporation (NYSE:WAL). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $71.00 and a low of $32.00, we find $59.50. Given the previous closing price of $34.81, this indicates a potential upside of 70.93 percent. WAL stock price is now 2.71% away from the 50-day moving average and -42.38% away from the 200-day moving average. The market capitalization of the company currently stands at $3.77B.
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There are 1 analysts who have given it a hold rating, whereas 15 have given it a buy rating. Brokers who have rated the stock have averaged $56.78 as their price target over the next twelve months.
On May 05, 2023, JP Morgan Upgraded its previous ‘Neutral’ rating to ‘Overweight’ on the stock keeping its target price maintained at $46, while ‘Wedbush’ rates the stock as ‘Outperform’.
In other news, JOHNSON MARIANNE BOYD, Director bought 2,475 shares of the company’s stock on Mar 13. The stock was bought for $63,830 at an average price of $25.79. Upon completion of the transaction, the Director now directly owns 2,475 shares in the company, valued at $87070.5. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 21, CBO for Regional Banking Bruckner Tim R sold 1,750 shares of the business’s stock. A total of $128,030 was realized by selling the stock at an average price of $73.16. This leaves the insider owning 20,244 shares of the company worth $0.71 million. Insiders disposed of 49,688 shares of company stock worth roughly $1.75 million over the past 1 year. A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in WAL stock. A new stake in Western Alliance Bancorporation shares was purchased by BALYASNY ASSET MANAGEMENT L.P. during the first quarter worth $48,974,000. ALYESKA INVESTMENT GROUP, L.P. invested $32,101,000 in shares of WAL during the first quarter. In the first quarter, NATIXIS acquired a new stake in Western Alliance Bancorporation valued at approximately $26,737,000. AMERIPRISE FINANCIAL INC acquired a new stake in WAL for approximately $24,172,000. PHASE 2 PARTNERS, LLC purchased a new stake in WAL valued at around $16,591,000 in the second quarter. In total, there are 499 active investors with 86.90% ownership of the company’s stock.
During the past 12 months, Western Alliance Bancorporation has had a low of $7.46 and a high of $86.87. The fifty day moving average price for WAL is $33.52 and a two-hundred day moving average price translates $60.86 for the stock.
The latest earnings results from Western Alliance Bancorporation (NYSE: WAL) was released for Mar, 2023. According to the Banks – Regional Company, earnings per share came in at $2.3, beating analysts’ expectations of $2.04 by 0.26. This compares to $2.22 EPS in the same period last year. The net profit margin was 29.80% and return on equity was 19.20% for WAL. The company reported revenue of $968.9 million for the quarter, compared to $484.5 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 99.98 percent. For the current quarter, analysts expect WAL to generate $661.85M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 05/26/2023. Investors who held shares on 05/12/2023 were paid a $0.36 dividend. On an annualized basis, this represents a $1.44 dividend and a 4.09% percent yield. There was an ex-dividend date of 05/11/2023 for this dividend. In terms of dividend payout ratio, WAL is presently at 16.30%.
Western Alliance Bancorporation(WAL) 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. It also offers commercial and industrial loan products, such as working capital lines of credit, loans to technology companies, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans; commercial real estate loans, which are secured by multi-family residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties; construction and land development loans for single family and multi-family residential projects, industrial/warehouse properties, office buildings, retail centers, medical office facilities, and residential lot developments; and consumer loans. In addition, the company provides other financial services, such as internet banking, wire transfers, electronic bill payment and presentment, funds transfer and other digital payment offerings, lock box services, courier, and cash management services. Further, it holds certain investment securities, municipal and non-profit loans, and leases; invests primarily in low-income housing tax credits and small business investment corporations; and holds certain real estate loans and related securities. Western Alliance Bancorporation was founded in 1994 and is headquartered in Phoenix, Arizona.
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