Western Alliance Bancorporation (NYSE:WAL) Stock Has Consensus Price Target of $92.18 According to Brokerages

Key Points

• Analysts maintain a Moderate Buy consensus on Western Alliance Bancorporation, with 12 buy ratings and four holds. The average 12-month price target is $92.18, implying upside from the stock’s $72.19 opening price.
• Recent target revisions were mixed: Piper Sandler raised its target to $97, while Wells Fargo cut its target to $84; Citigroup lowered its target to $95, and Barclays increased its target to $93.
• The company reported quarterly revenue of $995.7 million, up 17.7% year over year, while earnings of $2.36 per share matched estimates. Western Alliance also paid a $0.42 quarterly dividend, equivalent to a 2.3% annualized yield.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) has been given an average recommendation of "Moderate Buy" by the sixteen research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $92.18.

Several research analysts have issued reports on the company. Piper Sandler boosted their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $90.00 to $84.00 and set an "equal weight" rating on the stock in a research note on Tuesday, September 29th. Weiss Ratings upgraded Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, October 8th. Citigroup reduced their price target on Western Alliance Bancorporation from $98.00 to $95.00 and set a "buy" rating on the stock in a report on Tuesday, September 22nd. Finally, Barclays raised their price target on Western Alliance Bancorporation from $88.00 to $93.00 and gave the stock an "overweight" rating in a research note on Monday, October 5th.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $72.19 on Thursday. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $78.41 and a 200-day moving average price of $79.01. The firm has a market capitalization of $7.88 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 0.75 and a beta of 1.42.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The company had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same period in the prior year, the firm posted $2.07 EPS. The firm's revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts forecast that Western Alliance Bancorporation will post 9.06 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Thursday, August 13th. Western Alliance Bancorporation's dividend payout ratio is 18.92%.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors and hedge funds have recently made changes to their positions in WAL. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $26,000. Fortitude Family Office LLC grew its holdings in Western Alliance Bancorporation by 173.5% during the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider's stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Assetmark Inc. grew its holdings in Western Alliance Bancorporation by 86.0% during the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after acquiring an additional 259 shares in the last quarter. Compound Global Advisors LLC bought a new position in Western Alliance Bancorporation during the 2nd quarter worth about $41,000. Finally, PenderFund Capital Management Ltd. purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $43,000. 79.15% of the stock is currently owned by institutional investors.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Western Alliance Bank, provides commercial and consumer banking services to businesses, institutions, entrepreneurs and individuals.

The company offers a range of financial products and services, including commercial and industrial loans, commercial real estate lending, residential mortgage warehouse financing, deposit accounts, treasury management, digital banking, payment services and personal banking products.

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