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

Key Points

• Analyst sentiment is moderately positive: Twelve of 16 analysts rate Western Alliance Bancorporation a buy, while four recommend holding; the average 12-month price target is $92.56.
• The company reported quarterly EPS of $2.45, slightly above estimates of $2.43, and revenue of $1.01 billion, up 8.1% year over year.
• Western Alliance raised its quarterly dividend from $0.42 to $0.46 per share, equivalent to an annualized dividend of $1.84 and a 2.4% yield.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen ratings firms that are covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $92.56.

Several equities research analysts recently commented on WAL shares. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods decreased their price objective on shares of Western Alliance Bancorporation from $92.00 to $90.00 and set an "outperform" rating for the company in a research note on Wednesday, October 21st. Stephens dropped their price objective on Western Alliance Bancorporation from $94.00 to $88.00 and set an "overweight" rating on the stock in a report on Thursday, October 22nd. Bank of America cut their target price on Western Alliance Bancorporation from $91.00 to $87.00 in a research report on Thursday, October 8th. Finally, DA Davidson set a $107.00 target price on Western Alliance Bancorporation in a report on Tuesday, October 20th.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently modified their holdings of WAL. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth about $26,000. Fortitude Family Office LLC raised its holdings in Western Alliance Bancorporation by 173.5% during the third quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider's stock worth $27,000 after purchasing an additional 229 shares in the last quarter. Provenance Wealth Advisors LLC purchased a new position in Western Alliance Bancorporation during the third quarter worth about $31,000. Assetmark Inc. lifted its position in Western Alliance Bancorporation by 86.0% in the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 259 shares during the period. Finally, Compound Global Advisors LLC acquired a new stake in Western Alliance Bancorporation in the second quarter valued at about $41,000. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Stock Up 0.2%

WAL stock opened at $75.69 on Monday. The stock has a market cap of $8.14 billion, a P/E ratio of 8.36, a PEG ratio of 0.75 and a beta of 1.43. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.87. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The company's 50 day moving average is $76.88 and its two-hundred day moving average is $79.71.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $987.91 million. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The company's revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.28 EPS. Research analysts expect that Western Alliance Bancorporation will post 9.04 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a $0.46 dividend. This is a boost 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%. The ex-dividend date is Thursday, November 12th. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 18.56%.

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.

Western Alliance traces its history to the 1990s and has expanded through acquisitions and the development of regional banking divisions.

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