Western Alliance Bancorporation (WAL) to Issue Quarterly Dividend of $0.38 on November 29th

Western Alliance Bancorporation (NYSE:WAL) declared a quarterly dividend on Thursday, October 31st,Wall Street Journal reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.38 per share by the financial services provider on Friday, November 29th. This represents a $1.52 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Friday, November 15th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37.

Western Alliance Bancorporation has raised its dividend by an average of 13.2% annually over the last three years. Western Alliance Bancorporation has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Western Alliance Bancorporation to earn $8.94 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 17.0%.

Western Alliance Bancorporation Trading Up 1.6 %

WAL stock traded up $1.49 during mid-day trading on Wednesday, reaching $94.49. 125,200 shares of the stock traded hands, compared to its average volume of 1,313,981. The stock’s fifty day moving average is $84.79 and its 200-day moving average is $73.73. The company has a market cap of $10.40 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.47 and a beta of 1.44. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 52-week low of $46.52 and a 52-week high of $96.45.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The firm had revenue of $833.10 million during 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, sell-side analysts expect that Western Alliance Bancorporation will post 7.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on WAL shares. Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and lifted their target price for the company from $83.00 to $101.00 in a research note on Monday, October 7th. JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Wells Fargo & Company boosted their price target on Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Piper Sandler lowered their price objective on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. Finally, 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 report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus target price of $92.73.

Insider Buying and Selling

In related news, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now owns 4,056 shares of the company’s stock, valued at $335,634. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the sale, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.75% of the company’s stock.

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.