Western Alliance Bancorporation (NYSE:WAL) Announces Dividend Increase – $0.38 Per Share

Western Alliance Bancorporation (NYSE:WAL) announced a quarterly dividend on Thursday, October 31st,Wall Street Journal reports. Shareholders of record on Friday, November 15th will be paid 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 1.64%. The ex-dividend date is Friday, November 15th. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.37.

Western Alliance Bancorporation has raised its dividend payment by an average of 13.2% per year over the last three years. Western Alliance Bancorporation has a payout ratio of 16.9% meaning its dividend is sufficiently covered by earnings. 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 Stock Performance

Shares of WAL opened at $92.83 on Thursday. 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 $10.22 billion, a price-to-earnings ratio of 14.33, a PEG ratio of 1.46 and a beta of 1.44. The company’s 50 day simple moving average is $85.04 and its 200 day simple moving average is $73.97. Western Alliance Bancorporation has a 1 year low of $46.52 and a 1 year high of $96.45.

Western Alliance Bancorporation (NYSE:WAL) 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 the consensus estimate of $1.90 by ($0.10). The firm had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, sell-side analysts predict that Western Alliance Bancorporation will post 7.13 EPS for the current year.

Insider Transactions at Western Alliance Bancorporation

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

Wall Street Analyst Weigh In

WAL has been the topic of several recent analyst reports. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a research note on Friday, October 18th. Stephens reaffirmed an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. JPMorgan Chase & Co. dropped their price target on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Finally, Bank of America upped their price target on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $92.73.

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.