Keefe, Bruyette & Woods Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $74.00

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by Keefe, Bruyette & Woods from $79.00 to $74.00 in a research note released on Monday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

WAL has been the topic of a number of other research reports. Barclays assumed coverage on Western Alliance Bancorporation in a report on Friday, March 8th. They issued an overweight rating and a $91.00 price objective on the stock. Jefferies Financial Group lowered their target price on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating for the company in a report on Monday, April 8th. Royal Bank of Canada reiterated an outperform rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Truist Financial restated a buy rating and issued a $80.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. Finally, Hovde Group initiated coverage on Western Alliance Bancorporation in a research report on Monday. They set an outperform rating and a $75.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $70.56.

Western Alliance Bancorporation Stock Down 0.7 %

Shares of NYSE WAL opened at $59.38 on Monday. The firm has a market cap of $6.54 billion, a price-to-earnings ratio of 8.66 and a beta of 1.47. The company’s 50-day simple moving average is $59.41 and its 200-day simple moving average is $56.84. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23.

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, topping analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same quarter last year, the firm earned $2.30 EPS. Equities analysts predict that Western Alliance Bancorporation will post 7.83 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter worth $27,000. GAMMA Investing LLC raised its holdings 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 purchasing an additional 183 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 760 shares in the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth about $65,000. Finally, Fortitude Family Office LLC acquired a new stake in Western Alliance Bancorporation during the 4th quarter worth approximately $93,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

About Western Alliance Bancorporation

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.