Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $74.00 at Keefe, Bruyette & Woods

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

A number of other equities research analysts have also recently weighed in on the company. DA Davidson cut their price target on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a report on Monday. StockNews.com cut Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. 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. Jefferies Financial Group dropped their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating on the stock in a report on Monday, April 8th. Finally, JPMorgan Chase & Co. dropped 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of Moderate Buy and an average price target of $70.56.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $58.58 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The firm’s 50-day moving average price is $59.33 and its two-hundred day moving average price is $56.85. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23. The stock has a market capitalization of $6.45 billion, a P/E ratio of 8.54 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same quarter in the previous year, the company posted $2.30 earnings per share. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 7.73 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders 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 2.53%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

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