Western Alliance Bancorporation (NYSE:WAL) Research Coverage Started at Hovde Group

Hovde Group began coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note released on Monday, StockNewsAPI reports. The brokerage issued an outperform rating and a $75.00 price objective on the financial services provider’s stock.

Other equities research analysts have also issued reports about the company. StockNews.com lowered Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Saturday, March 9th. Wells Fargo & Company lowered their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Royal Bank of Canada reiterated an outperform rating and set a $78.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Truist Financial reiterated a buy rating and set a $80.00 target price on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. Finally, Stephens reiterated an overweight rating and set a $82.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. One investment 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’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of Moderate Buy and an average price target of $70.56.

Western Alliance Bancorporation Trading Down 0.7 %

NYSE WAL opened at $59.38 on Monday. The firm has a market capitalization of $6.54 billion, a P/E ratio of 8.66 and a beta of 1.47. The business has a fifty day simple moving average of $59.41 and a 200 day simple moving average of $56.84. Western Alliance Bancorporation has a 12 month low of $11.35 and a 12 month high of $70.23. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $2.30 EPS. On average, analysts predict that Western Alliance Bancorporation will post 7.83 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

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

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings 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 valued at $32,000 after buying an additional 183 shares in the last quarter. Riverwater Partners LLC grew its holdings in Western Alliance Bancorporation by 0.7% during the 4th quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after buying an additional 211 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Western Alliance Bancorporation by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after buying an additional 240 shares in the last quarter. Madison Asset Management LLC grew its holdings in Western Alliance Bancorporation by 0.4% during the 4th quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after buying an additional 297 shares in the last quarter. Finally, Peapack Gladstone Financial Corp grew its holdings in Western Alliance Bancorporation by 2.7% during the 4th quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after buying an additional 303 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors.

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.