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

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

A number of other analysts also recently issued reports on WAL. StockNews.com downgraded shares of Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. Stephens reiterated an overweight rating and issued a $82.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, April 19th. Wedbush lowered their price objective on shares of Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating on the stock in a report on Friday, April 19th. JPMorgan Chase & Co. lowered their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a report on Thursday, April 4th. Finally, Royal Bank of Canada restated an outperform rating and set a $78.00 target price on shares of Western Alliance Bancorporation in a report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $70.56.

Western Alliance Bancorporation Stock Performance

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

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 for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same quarter in the previous year, the firm posted $2.30 earnings per share. On average, analysts forecast that Western Alliance Bancorporation will post 7.83 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business 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. 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 dividend payout ratio (DPR) is 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WAL. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation during the first quarter worth $27,000. GAMMA Investing LLC boosted its position in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the period. Parkside Financial Bank & Trust boosted its position in shares of Western Alliance Bancorporation by 422.2% in the third 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 during the period. Rakuten Securities Inc. bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $65,000. Finally, Fortitude Family Office LLC bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $93,000. 79.15% of the stock is 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.