In a recent transaction, Stephen Russell Curley, the Chief Banking Officer of National Business Lines at Western Alliance (NYSE:WAL) Bancorporation (NYSE:WAL), sold 5,070 shares of the company's stock. The sale, which took place on August 1, 2024, amounted to over $387,500, with the shares sold at an average price of $76.43 each.
According to the filing, the transactions occurred in multiple parts, with prices ranging from $76.29 to $76.60. Following this sale, Curley still owns 36,718 shares in the company. The disposal of these shares was done directly by Curley, as indicated in the report.
Western Alliance Bancorporation, based in Phoenix, Arizona, operates as a state commercial bank and has been a significant player in the financial sector. The sale by a top executive is a notable event, as it changes the distribution of the company's insider ownership.
Investors and stakeholders in Western Alliance Bancorporation can request detailed information about the specific number of shares sold at each price point within the range from the company, the reporting person, or the SEC upon demand, as noted in the accompanying footnote of the filing.
The report was signed on behalf of Curley by Jessica Jarvi, acting as attorney-in-fact, and was filed with the Securities and Exchange Commission on August 5, 2024.
In other recent news, Western Alliance Bancorporation announced executive leadership changes, including the upcoming retirement of Randall Theisen, head of Corporate Affairs, and the appointment of Timothy Boothe as Chief Administration Officer. The company also disclosed that J. Kelly Ardrey, Jr., the Chief Accounting Officer, intends to retire in 2025. Meanwhile, Truist Securities upgraded its outlook on Western Alliance, increasing the price target from $74 to $88, and maintaining a Buy rating. This revision reflects an anticipation of higher net interest income, offset by increased expenses. DA Davidson also raised its price target for Western Alliance to $90, citing the company's attractive valuation and future prospects. Piper Sandler increased its price target on Western Alliance shares to $93.00, maintaining an Overweight rating, reflecting a more optimistic outlook on the bank's earnings growth. Lastly, RBC Capital raised the price target for Western Alliance shares to $87 due to the company's robust second-quarter performance. These are all recent developments in the company's financial journey.
InvestingPro Insights
Western Alliance Bancorporation (NYSE:WAL) has experienced a dynamic financial performance, as reflected in recent metrics and market activities. As of the last twelve months leading up to Q2 2024, the company boasts a market capitalization of approximately $7.99 billion, with a Price to Earnings (P/E) ratio of 10.91, which adjusts to 11.56 when considering the same period. This valuation metric suggests that investors have favorable expectations of the company's earnings potential.
An InvestingPro Tip highlights that Western Alliance Bancorporation has consistently raised its dividend for five consecutive years, showcasing the company's commitment to returning value to its shareholders. This is further supported by a dividend yield of 2.02% as of mid-May 2024. Moreover, the firm has demonstrated solid revenue growth of 12.41% over the last twelve months, indicating a robust expansion in its financial performance.
Despite some challenges, such as analysts revising their earnings expectations downwards for the upcoming period, Western Alliance Bancorporation has shown resilience with a strong return over the last three months, boasting a 20.32% price total return. Moreover, the company's stock has seen a significant uptick of 25.68% over the last six months, and an impressive one-year price total return of 42.74%.
For those interested in a deeper analysis, there are additional InvestingPro Tips available on the platform, which provide insights into the company's financial health and future prospects. For instance, Western Alliance Bancorporation has been profitable over the last twelve months and analysts predict it will remain profitable this year, which could be of interest to potential investors. To explore these tips further, visit the InvestingPro platform for Western Alliance Bancorporation at https://www.investing.com/pro/WAL.
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