Brokerages Set Western Alliance Bancorporation (NYSE:WAL) Price Target at $94.75

Western Alliance Bancorporation (NYSE:WAL) has received an average recommendation of “Moderate Buy” from the sixteen research firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation and fifteen have assigned a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $94.31.

WAL has been the subject of several analyst reports. Barclays raised their price target on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens reaffirmed an “overweight” rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a research report on Friday, October 18th. Truist Financial lowered their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Wedbush lifted their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Retirement Systems of Alabama bought a new position in Western Alliance Bancorporation in the third quarter worth approximately $11,461,000. Franklin Resources Inc. raised its position in shares of Western Alliance Bancorporation by 17.0% during the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock worth $27,970,000 after purchasing an additional 45,764 shares during the period. Mutual of America Capital Management LLC bought a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth $5,099,000. BNP Paribas Financial Markets grew its position in Western Alliance Bancorporation by 1,091.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock valued at $2,947,000 after purchasing an additional 31,214 shares during the period. Finally, Bank of Montreal Can increased its stake in Western Alliance Bancorporation by 41.4% during the 2nd quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock valued at $37,475,000 after purchasing an additional 174,682 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Price Performance

WAL stock opened at $81.70 on Friday. The stock has a market cap of $8.99 billion, a price-to-earnings ratio of 12.61, a P/E/G ratio of 1.41 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The company has a 50 day simple moving average of $88.65 and a 200 day simple moving average of $81.70. Western Alliance Bancorporation has a 1 year low of $53.75 and a 1 year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results 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). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The company had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Research analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were paid a $0.38 dividend. 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 1.86%. The ex-dividend date was Friday, November 15th. Western Alliance Bancorporation’s payout ratio is 23.46%.

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.