Western Alliance Bancorporation (NYSE:WAL) Stock Gets Price Target Cut from Keefe, Bruyette & Woods

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by Keefe, Bruyette & Woods from $92.00 to $90.00 in a report issued on Wednesday morning,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 issued reports on the stock. Weiss Ratings upgraded shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Piper Sandler set a $96.00 price objective on Western Alliance Bancorporation in a research note on Tuesday. JPMorgan Chase & Co. cut their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, DA Davidson set a $107.00 price objective on Western Alliance Bancorporation in a research report on Tuesday. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $92.18.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $76.22 on Wednesday. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $77.51 and a 200 day simple moving average of $79.18. The company has a market cap of $8.32 billion, a P/E ratio of 8.09, a P/E/G ratio of 0.79 and a beta of 1.42. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Monday, October 19th. The financial services provider reported $2.45 EPS for the quarter, topping the consensus estimate of $2.43 by $0.02. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $2.28 EPS. On average, sell-side analysts predict that Western Alliance Bancorporation will post 9.00 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. Western Alliance Bancorporation’s payout ratio is 18.56%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Western Alliance Bancorporation in the 2nd quarter worth approximately $174,329,000. Focus Partners Advisor Solutions LLC acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $1,877,000. Independent Financial Group LLC acquired a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth approximately $924,000. Bank of America Corp DE bought a new stake in shares of Western Alliance Bancorporation during the second quarter valued at approximately $96,977,000. Finally, Hsbc Holdings PLC increased its position in shares of Western Alliance Bancorporation by 134.8% during the second quarter. Hsbc Holdings PLC now owns 113,570 shares of the financial services provider’s stock valued at $9,333,000 after purchasing an additional 65,204 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.