Western Alliance Bancorporation (NYSE:WAL) Earns “Overweight” Rating from Stephens

Stephens reissued their overweight rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note released on Friday, Benzinga reports. They currently have a $82.00 price target on the financial services provider’s stock.

WAL has been the topic of a number of other research reports. Citigroup upped their target price on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a report on Monday, January 29th. JPMorgan Chase & Co. reduced their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a report on Thursday, April 4th. DA Davidson reiterated a buy rating and set a $85.00 target price on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Truist Financial reiterated a buy rating and set a $80.00 target price on shares of Western Alliance Bancorporation in a report on Monday, April 1st. Finally, Barclays assumed coverage on Western Alliance Bancorporation in a research report on Friday, March 8th. They set an overweight rating and a $91.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $71.36.

Western Alliance Bancorporation Stock Up 3.0 %

Shares of NYSE:WAL opened at $57.44 on Friday. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23. The company has a market cap of $6.33 billion, a PE ratio of 8.37 and a beta of 1.47. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. The stock’s 50-day moving average is $59.50 and its 200 day moving average is $56.60.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same quarter in the previous year, the business earned $2.30 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a dividend of $0.37 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.48 annualized dividend and a yield of 2.58%. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently added to or reduced their stakes in WAL. Harbour Investments Inc. boosted its stake in Western Alliance Bancorporation by 400.7% during the 1st quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 557 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation during the 1st quarter valued at $27,000. Lazard Asset Management LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $28,000. State of Wyoming boosted its stake in Western Alliance Bancorporation by 54.7% during the 2nd quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 277 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.