Rep. Lance Gooden Sells Western Alliance Bancorporation (NYSE:WAL) Stock

Representative Lance Gooden (R-Texas) recently sold shares of Western Alliance Bancorporation NYSE: WAL. In a filing disclosed on December 12th, the Representative disclosed that they had sold between $50,001 and $100,000 in Western Alliance Bancorporation stock on November 15th.

Western Alliance Bancorporation Price Performance

Shares of WAL stock traded down $0.70 during midday trading on Friday, reaching $89.70. 699,932 shares of the company were exchanged, compared to its average volume of 654,072. The company's 50 day moving average price is $89.09 and its two-hundred day moving average price is $78.62. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The company has a market cap of $9.87 billion, a P/E ratio of 13.84, a PEG ratio of 1.41 and a beta of 1.45. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million for the quarter, compared to the consensus estimate of $811.40 million. On average, sell-side analysts expect that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a dividend of $0.38 per share. This is a boost from Western Alliance Bancorporation's previous quarterly dividend of $0.37. The ex-dividend date was Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.69%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 23.46%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WAL shares. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a "hold" rating to a "buy" rating and lifted their target price for the stock from $83.00 to $101.00 in a report on Monday, October 7th. Piper Sandler dropped their target price on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating on the stock in a report on Monday, October 21st. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the stock an "outperform" rating in a report on Friday, October 18th. Wells Fargo & Company upped their price target on Western Alliance Bancorporation from $92.00 to $102.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Finally, Wedbush increased their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ORG Partners LLC purchased a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at $36,000. Raymond James & Associates raised its stake in shares of Western Alliance Bancorporation by 1.6% during the 2nd quarter. Raymond James & Associates now owns 21,429 shares of the financial services provider's stock worth $1,346,000 after purchasing an additional 340 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Western Alliance Bancorporation by 1.3% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider's stock worth $102,603,000 after purchasing an additional 20,254 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Western Alliance Bancorporation by 5.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 684,016 shares of the financial services provider's stock valued at $42,970,000 after buying an additional 34,275 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Western Alliance Bancorporation by 114.0% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 903 shares of the financial services provider's stock valued at $57,000 after buying an additional 481 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

About Representative Gooden

Lance Gooden (Republican Party) is a member of the U.S. House, representing Texas' 5th Congressional District. He assumed office on January 3, 2019. His current term ends on January 3, 2025. Gooden (Republican Party) is running for re-election to the U.S. House to represent Texas' 5th Congressional District. He declared candidacy for the Republican primary scheduled on March 5, 2024. Before being elected to Congress, Gooden was a member of the Texas House of Representatives, representing District 4 from 2011 to 2015 and from 2017 to 2019. Gooden has also worked as an insurance and risk-management consultant. Lance Gooden was born in Terrell, Texas. He graduated from Terrell High School. He earned a bachelor's degree in finance and government from the University of Texas. Gooden’s career experience includes working as an insurance broker.

About Western Alliance Bancorporation

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.