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

Western Alliance Bancorporation (NYSE:WAL) had its price objective increased by Citigroup from $91.00 to $95.00 in a research report report published on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the financial services provider’s stock.

WAL has been the topic of a number of other research reports. Truist Financial assumed coverage on shares of Western Alliance Bancorporation in a report on Tuesday, May 13th. They set a “buy” rating and a $92.00 target price on the stock. Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Royal Bank Of Canada dropped their target price on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an “outperform” rating on the stock in a report on Wednesday, April 23rd. Barclays dropped their target price on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Jefferies Financial Group assumed coverage on shares of Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a “buy” rating and a $95.00 target price on the stock. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.29.

Western Alliance Bancorporation Stock Up 1.2%

Shares of Western Alliance Bancorporation stock opened at $85.16 on Wednesday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.83 and a current ratio of 0.88. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The stock has a market capitalization of $9.40 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 0.64 and a beta of 1.29. The company’s 50 day moving average price is $74.73 and its 200-day moving average price is $78.31.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. The business had revenue of $790.10 million for the quarter, compared to analysts’ expectations of $792.25 million. During the same quarter in the previous year, the business posted $1.72 earnings per share. Equities research analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.78%. The ex-dividend date was Thursday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 20.85%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the stock. HWG Holdings LP purchased a new position in Western Alliance Bancorporation in the 1st quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new position in Western Alliance Bancorporation in the 4th quarter worth about $26,000. Smartleaf Asset Management LLC raised its position in Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock worth $27,000 after buying an additional 117 shares during the last quarter. Tsfg LLC purchased a new position in Western Alliance Bancorporation in the 1st quarter worth about $33,000. Finally, Atala Financial Inc purchased a new position in Western Alliance Bancorporation in the 4th quarter worth about $44,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.