Western Alliance Bancorporation (NYSE:WAL) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $80.89 and traded as high as $84.51. Western Alliance Bancorporation shares last traded at $83.54, with a volume of 463,806 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Truist Financial reduced their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Monday, October 21st. JPMorgan Chase & Co. decreased their price objective on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an "overweight" rating on the stock in a report on Monday, October 21st. UBS Group started coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They set a "buy" rating and a $115.00 target price for the company. Wedbush upped their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday, September 24th. Finally, Stephens restated an "overweight" rating and set a $102.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the company's stock. According to MarketBeat, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and an average target price of $94.75.

Western Alliance Bancorporation Trading Down 0.8 %

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 capitalization of $9.12 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45. The firm has a fifty day moving average price of $88.67 and a 200-day moving average price of $80.90.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a dividend of $0.38 per share. This is an increase from Western Alliance Bancorporation's previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Friday, November 15th. Western Alliance Bancorporation's payout ratio is currently 23.46%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of large investors have recently modified their holdings of WAL. State Street Corp lifted its position in shares of Western Alliance Bancorporation by 46.2% during the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider's stock worth $388,197,000 after buying an additional 1,418,472 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider's stock worth $233,832,000 after acquiring an additional 636,577 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Western Alliance Bancorporation by 0.7% in the second quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider's stock worth $176,764,000 after acquiring an additional 20,876 shares during the last quarter. FMR LLC grew its holdings in shares of Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider's stock valued at $241,568,000 after purchasing an additional 1,347,921 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in Western Alliance Bancorporation by 4.1% during the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider's stock worth $164,019,000 after purchasing an additional 74,956 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

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.