Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $95.00

Western Alliance Bancorporation (NYSE:WAL) had its target price increased by Barclays from $93.00 to $95.00 in a report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on WAL. Keefe, Bruyette & Woods reduced their target price on shares of Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating for the company in a research report on Wednesday, October 21st. Royal Bank Of Canada lowered their price target on shares of Western Alliance Bancorporation from $95.00 to $93.00 and set an “outperform” rating on the stock in a research report on Friday, October 9th. Weiss Ratings cut shares of Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, October 23rd. Mizuho set a $96.00 price objective on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Finally, Truist Financial cut their price objective on shares of Western Alliance Bancorporation from $93.00 to $84.00 and set a “buy” rating for the company in a report on Friday, October 9th. Eleven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average price target of $92.29.

Western Alliance Bancorporation Stock Down 4.3%

NYSE WAL opened at $75.83 on Tuesday. The business has a fifty day moving average price of $76.94 and a 200 day moving average price of $79.76. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.86. The company has a market cap of $8.16 billion, a P/E ratio of 8.38, a P/E/G ratio of 0.79 and a beta of 1.43.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. Western Alliance Bancorporation had a return on equity of 13.50% and a net margin of 17.34%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $987.91 million. During the same quarter last year, the firm posted $2.28 EPS. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. Research analysts anticipate that Western Alliance Bancorporation will post 9.04 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.4%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, November 12th. Western Alliance Bancorporation’s dividend payout ratio is presently 18.56%.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Western Alliance Bancorporation in the second quarter valued at about $926,898,000. Davis Asset Management L.P. purchased a new position in Western Alliance Bancorporation during the second quarter worth about $274,219,000. Dimensional Fund Advisors LP boosted its stake in Western Alliance Bancorporation by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after buying an additional 36,534 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Western Alliance Bancorporation during the second quarter valued at about $174,329,000. Finally, Jupiter Topco LLC acquired a new stake in shares of Western Alliance Bancorporation during the second quarter valued at about $101,995,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.