Western Alliance Bancorporation (NYSE:WAL) Given New $76.00 Price Target at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by Royal Bank of Canada from $78.00 to $76.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

WAL has been the topic of several other reports. StockNews.com downgraded shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Saturday, March 9th. 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 research note on Friday, April 19th. Wells Fargo & Company decreased their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Barclays initiated coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an overweight rating and a $91.00 price objective on the stock. Finally, Citigroup increased their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a research note on Monday, January 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation has an average rating of Moderate Buy and an average target price of $70.56.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $58.58 on Monday. 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’s 50-day moving average is $59.33 and its 200-day moving average is $56.85. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23. The firm has a market capitalization of $6.45 billion, a PE ratio of 8.54 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same period in the prior year, the company posted $2.30 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post 7.73 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.53%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation in the 1st quarter valued at approximately $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 valued at $32,000 after buying an additional 183 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in 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 valued at $43,000 after buying an additional 760 shares during the last quarter. Rakuten Securities Inc. bought a new position in Western Alliance Bancorporation in the 4th quarter valued at approximately $65,000. Finally, Fortitude Family Office LLC bought a new position in Western Alliance Bancorporation in the 4th quarter valued at approximately $93,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.