Western Alliance Bancorporation (NYSE:WAL) Coverage Initiated at UBS Group

UBS Group started coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm issued a buy rating and a $115.00 price objective on the financial services provider’s stock.

WAL has been the topic of a number of other research reports. Barclays increased their target price on Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Wedbush lifted their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Piper Sandler decreased their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their price objective for the stock from $83.00 to $101.00 in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.75.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $82.86 on Tuesday. Western Alliance Bancorporation has a one year low of $53.75 and a one year high of $98.10. The company has a market cap of $9.12 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45. The firm has a 50-day moving average of $89.22 and a 200-day moving average of $79.18. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The company had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. As a group, equities analysts forecast that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date was Friday, November 15th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio is presently 23.46%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after acquiring an additional 1,418,472 shares during the period. Dimensional Fund Advisors LP increased its holdings in Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after purchasing an additional 636,577 shares during the period. William Blair Investment Management LLC raised its position in Western Alliance Bancorporation by 0.7% during the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock worth $176,764,000 after purchasing an additional 20,876 shares during the last quarter. FMR LLC lifted its holdings in Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock worth $241,568,000 after buying an additional 1,347,921 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Western Alliance Bancorporation by 4.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock valued at $164,019,000 after buying an additional 74,956 shares during the last quarter. 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.