Truist Financial Trims Western Alliance Bancorporation (NYSE:WAL) Target Price to $75.00

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by Truist Financial from $80.00 to $75.00 in a report issued on Monday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on WAL. Royal Bank of Canada reaffirmed an outperform rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 9th. Keefe, Bruyette & Woods decreased their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating on the stock in a research note on Monday. Citigroup boosted their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a report on Monday, January 29th. Hovde Group initiated coverage on Western Alliance Bancorporation in a research report on Monday. They issued an outperform rating and a $75.00 target price on the stock. Finally, Stephens reissued an overweight rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of Moderate Buy and a consensus target price of $70.56.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $59.38 on Monday. The firm has a market cap of $6.54 billion, a PE ratio of 8.66 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 fifty day moving average price is $59.41 and its two-hundred day moving average price is $56.84. Western Alliance Bancorporation has a one year low of $11.35 and a one year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping 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 analysts’ expectations of $711.34 million. During the same quarter last year, the business earned $2.30 earnings per share. As a group, research analysts expect that Western Alliance Bancorporation will post 7.83 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

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

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC bought a new stake in Western Alliance Bancorporation in the first quarter worth approximately $27,000. GAMMA Investing LLC grew its position in shares of Western Alliance Bancorporation by 57.4% during 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 period. Parkside Financial Bank & Trust increased 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 acquiring an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new position in shares of Western Alliance Bancorporation during the 4th quarter valued at $65,000. Finally, Fortitude Family Office LLC bought a new position in Western Alliance Bancorporation during the fourth quarter worth $93,000. 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.