Piper Sandler Forecasts Strong Price Appreciation for Western Alliance Bancorporation (NYSE:WAL) Stock

Western Alliance Bancorporation (NYSE:WAL - Free Report) had its price target upped by Piper Sandler from $94.00 to $105.00 in a research report released on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider's stock.

A number of other research analysts also recently issued reports on the company. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Truist Financial reduced their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a report on Monday. Citigroup boosted their price target on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Jefferies Financial Group assumed coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a "buy" rating and a $95.00 price target on the stock. Finally, DA Davidson reduced their price target on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $96.62.

Western Alliance Bancorporation Price Performance

NYSE:WAL traded up $0.08 during trading hours on Monday, hitting $83.62. 511,256 shares of the company's stock traded hands, compared to its average volume of 1,130,328. The firm has a market cap of $9.23 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.56 and a beta of 1.29. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The business's fifty day simple moving average is $77.22 and its two-hundred day simple moving average is $78.24. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The firm had revenue of $836.21 million during the quarter, compared to analyst estimates of $838.58 million. During the same quarter in the previous year, the company posted $1.75 earnings per share. On average, research analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.82%. Western Alliance Bancorporation's payout ratio is 19.97%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth about $2,695,000. HighTower Advisors LLC increased its holdings in shares of Western Alliance Bancorporation by 8.5% in the fourth quarter. HighTower Advisors LLC now owns 16,750 shares of the financial services provider's stock worth $1,399,000 after purchasing an additional 1,312 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Western Alliance Bancorporation by 1.1% in the fourth quarter. American Century Companies Inc. now owns 364,320 shares of the financial services provider's stock worth $30,435,000 after purchasing an additional 4,057 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth about $1,771,000. Finally, LPL Financial LLC increased its holdings in shares of Western Alliance Bancorporation by 7.5% in the fourth quarter. LPL Financial LLC now owns 146,303 shares of the financial services provider's stock worth $12,222,000 after purchasing an additional 10,245 shares during the last quarter. 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.