Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $75.00 at Truist Financial

Western Alliance Bancorporation (NYSE:WAL) had its target price decreased by Truist Financial from $80.00 to $75.00 in a report published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the stock. Wedbush decreased their price target on shares of Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating on the stock in a report on Friday, April 19th. JPMorgan Chase & Co. reduced their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research note on Thursday, April 4th. Barclays assumed coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They set an overweight rating and a $91.00 price target for the company. Citigroup raised their price objective on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a buy rating in a report on Monday, January 29th. Finally, Stephens reaffirmed an overweight rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of Moderate Buy and an average target price of $70.56.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $59.38 on Monday. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 8.66 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The business has a 50-day simple moving average of $59.41 and a 200 day simple moving average of $56.84. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The firm 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 quarter last year, the company posted $2.30 EPS. On average, research analysts forecast that Western Alliance Bancorporation will post 7.83 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, March 1st. Shareholders of record on Friday, February 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC bought a new stake in Western Alliance Bancorporation in the first quarter valued at $27,000. GAMMA Investing LLC raised its holdings in Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 183 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 760 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at about $65,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at about $93,000. 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.