Western Alliance Bancorporation (NYSE:WAL) Share Price Crosses Above 50-Day Moving Average Following Analyst Downgrade

Shares of Western Alliance Bancorporation (NYSE:WAL) passed above its 50 day moving average during trading on Monday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock has a 50 day moving average of $76.85 and traded as high as $78.24. Western Alliance Bancorporation shares last traded at $77.2550, with a volume of 919,366 shares changing hands.

A number of other brokerages have also recently issued reports on WAL. Mizuho set a $96.00 target price on Western Alliance Bancorporation in a research report on Thursday, July 23rd. DA Davidson set a $107.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, October 20th. Raymond James Financial began coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, September 22nd. They issued an “outperform” rating and a $90.00 price objective for the company. Stifel Nicolaus set a $95.00 price objective on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Finally, UBS Group raised their target price on shares of Western Alliance Bancorporation from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, July 24th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $92.44.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth about $26,000. Fortitude Family Office LLC lifted its holdings in Western Alliance Bancorporation by 173.5% during the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 229 shares during the last quarter. Provenance Wealth Advisors LLC acquired a new position in Western Alliance Bancorporation in the third quarter valued at about $31,000. Compound Global Advisors LLC acquired a new position in Western Alliance Bancorporation in the second quarter valued at about $41,000. Finally, PenderFund Capital Management Ltd. acquired a new position in Western Alliance Bancorporation in the second quarter valued at about $43,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.86 and a quick ratio of 0.80. The stock has a market capitalization of $8.31 billion, a P/E ratio of 8.54, a PEG ratio of 0.79 and a beta of 1.43. The company’s 50 day simple moving average is $76.85 and its two-hundred day simple moving average is $79.64.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.02. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $987.91 million. During the same quarter last year, the business posted $2.28 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.04 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Thursday, November 12th will be given a dividend of $0.46 per share. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, November 12th. This represents a $1.84 dividend on an annualized basis and a yield of 2.4%. Western Alliance Bancorporation’s dividend payout ratio is currently 18.56%.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona, and the parent of Western Alliance Bank. The company provides commercial banking and related financial services to businesses, business owners and individuals.

Its services include business and commercial real estate lending, deposit accounts, treasury management, and specialized banking for industries such as technology, healthcare, and property management. Through its banking divisions and specialized business lines, Western Alliance serves clients across the western United States and beyond.

Western Alliance traces its history to the 1990s and has expanded through acquisitions and the development of regional banking divisions.