Western Alliance Bancorporation (NYSE:WAL) Receives "Outperform" Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) in a report issued on Tuesday morning, Benzinga reports. They currently have a $78.00 price objective on the financial services provider's stock.

A number of other analysts also recently issued reports on the company. Truist Financial reaffirmed a buy rating and issued a $80.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. StockNews.com cut Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. Jefferies Financial Group lowered their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating for the company in a report on Monday. JPMorgan Chase & Co. decreased their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research note on Thursday, April 4th. Finally, DA Davidson reiterated a buy rating and issued a $85.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $66.87.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock traded down $0.38 during trading hours on Tuesday, reaching $60.93. 1,029,646 shares of the company traded hands, compared to its average volume of 1,489,330. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. The company has a market cap of $6.71 billion, a P/E ratio of 9.32 and a beta of 1.47. The firm has a 50-day moving average price of $60.04 and a 200 day moving average price of $55.93.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Friday, January 26th. The financial services provider reported $1.91 EPS for the quarter, missing analysts' consensus estimates of $1.93 by ($0.02). Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. The business had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $705.97 million. During the same period in the prior year, the firm posted $2.67 earnings per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 7.89 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 22.63%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Western Alliance Bancorporation by 0.8% in the third quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider's stock worth $460,724,000 after purchasing an additional 74,824 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Western Alliance Bancorporation by 7.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,058,243 shares of the financial services provider's stock valued at $360,829,000 after acquiring an additional 402,614 shares during the last quarter. BlackRock Inc. boosted its stake in Western Alliance Bancorporation by 12.5% in the second quarter. BlackRock Inc. now owns 5,410,343 shares of the financial services provider's stock valued at $197,315,000 after acquiring an additional 601,129 shares during the last quarter. Wellington Management Group LLP raised its holdings in Western Alliance Bancorporation by 21.5% in the first quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider's stock worth $411,724,000 after purchasing an additional 880,430 shares during the period. Finally, State Street Corp raised its holdings in Western Alliance Bancorporation by 44.4% in the first quarter. State Street Corp now owns 4,056,477 shares of the financial services provider's stock worth $144,167,000 after purchasing an additional 1,246,855 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.