Brokerages Set Western Alliance Bancorporation (NYSE:WAL) Price Target at $70.56

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) has earned an average recommendation of "Moderate Buy" from the fifteen ratings firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and thirteen have given a buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $70.56.

A number of equities analysts have recently weighed in on the company. Wedbush lowered their price target on Western Alliance Bancorporation from $75.00 to $70.00 and set an "outperform" rating for the company in a report on Friday, April 19th. Keefe, Bruyette & Woods lowered their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an "outperform" rating for the company in a report on Monday, April 22nd. StockNews.com cut Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a report on Saturday, March 9th. Hovde Group assumed coverage on Western Alliance Bancorporation in a report on Monday, April 22nd. They set an "outperform" rating and a $75.00 price target for the company. Finally, Truist Financial lowered their price target on Western Alliance Bancorporation from $80.00 to $75.00 and set a "buy" rating for the company in a report on Monday, April 22nd.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Western Alliance Bancorporation during the 1st quarter worth about $27,000. GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider's stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Western Alliance Bancorporation by 422.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider's stock worth $43,000 after acquiring an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth about $65,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth about $93,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Trading Up 0.1 %

Shares of WAL traded up $0.05 during midday trading on Friday, reaching $58.68. The company had a trading volume of 685,837 shares, compared to its average volume of 1,032,885. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The stock has a market cap of $6.46 billion, a PE ratio of 8.55 and a beta of 1.47. The firm has a 50 day simple moving average of $59.29 and a 200-day simple moving average of $57.11. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period last year, the company earned $2.30 EPS. Research analysts forecast that Western Alliance Bancorporation will post 7.67 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. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation's payout ratio is presently 21.57%.

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.