Western Alliance Bancorporation (NYSE:WAL) Stock Has Average Price Target of $92.56

Western Alliance Bancorporation (NYSE:WAL) has been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $92.44.

A number of research firms have recently issued reports on WAL. DA Davidson set a $107.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, October 20th. TD Cowen reduced their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, October 5th. Keefe, Bruyette & Woods reduced their price objective on Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 21st. JPMorgan Chase & Co. decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, October 21st. Finally, Bank of America dropped their target price on Western Alliance Bancorporation from $91.00 to $87.00 in a research report on Thursday, October 8th.

Western Alliance Bancorporation Price Performance

WAL stock opened at $75.73 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The stock has a market cap of $8.14 billion, a PE ratio of 8.05, a P/E/G ratio of 0.76 and a beta of 1.43. The firm has a 50 day simple moving average of $76.78 and a two-hundred day simple moving average of $79.51.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $987.91 million. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.28 EPS. On average, analysts predict that Western Alliance Bancorporation will post 9.04 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be given a dividend of $0.46 per share. The ex-dividend date is Thursday, November 12th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.42. This represents a $1.84 dividend on an annualized basis and a yield of 2.4%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 18.56%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently modified their holdings of WAL. BlackRock Inc. purchased a new stake in Western Alliance Bancorporation during the 2nd quarter valued at about $926,898,000. Davis Asset Management L.P. bought a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $174,329,000. Jupiter Topco LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $101,995,000. Finally, Bank of America Corp DE purchased a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $96,977,000. Institutional investors own 79.15% of the company’s stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona, and the parent of Western Alliance Bank. The company provides commercial banking and related financial services to businesses, business owners and individuals. Its services include business and commercial real estate lending, deposit accounts, treasury management, and specialized banking for industries such as technology, healthcare, and property management. Through its banking divisions and specialized business lines, Western Alliance serves clients across the western United States and beyond.