Wells Fargo & Company Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $90.00

Western Alliance Bancorporation (NYSE:WAL - Free Report) had its target price lifted by Wells Fargo & Company from $80.00 to $90.00 in a research report released on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

A number of other equities research analysts also recently commented on WAL. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Stephens reaffirmed an "overweight" rating and issued a $92.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Citigroup increased their price target on Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Truist Financial assumed coverage on Western Alliance Bancorporation in a research note on Tuesday, May 13th. They issued a "buy" rating and a $92.00 target price for the company. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.50.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded down $0.73 during mid-day trading on Thursday, hitting $84.38. 460,277 shares of the company were exchanged, compared to its average volume of 1,216,282. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.88 and a quick ratio of 0.83. The business's 50 day simple moving average is $75.85 and its two-hundred day simple moving average is $78.32. The company has a market capitalization of $9.32 billion, a P/E ratio of 11.57, a PEG ratio of 0.64 and a beta of 1.29. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.01. Western Alliance Bancorporation had a return on equity of 12.57% and a net margin of 15.80%. The business had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. During the same quarter last year, the company earned $1.72 earnings per share. Analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.80%. Western Alliance Bancorporation's dividend payout ratio is currently 20.85%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its holdings in Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 117 shares in the last quarter. National Bank of Canada FI boosted its holdings in Western Alliance Bancorporation by 22.7% in the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after acquiring an additional 141 shares during the period. MidWestOne Financial Group Inc. grew its position in Western Alliance Bancorporation by 0.6% in the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock valued at $2,226,000 after acquiring an additional 160 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Western Alliance Bancorporation by 5.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 166 shares during the period. Finally, D.A. Davidson & CO. lifted its position in shares of Western Alliance Bancorporation by 2.9% during the first quarter. D.A. Davidson & CO. now owns 6,056 shares of the financial services provider's stock worth $465,000 after purchasing an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

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.