Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $78.00 by Analysts at Royal Bank of Canada

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

Other research analysts also recently issued reports about the company. Jefferies Financial Group lifted their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a buy rating in a report on Wednesday, July 3rd. StockNews.com downgraded Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Saturday, June 29th. Barclays dropped their target price on Western Alliance Bancorporation from $91.00 to $86.00 and set an overweight rating on the stock in a research note on Tuesday, April 23rd. Truist Financial dropped their target price on Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating on the stock in a research note on Monday, July 8th. Finally, Wedbush restated an outperform rating and set a $70.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $75.29.

Western Alliance Bancorporation Trading Up 0.5 %

Shares of NYSE:WAL opened at $67.31 on Tuesday. Western Alliance Bancorporation has a 12-month low of $38.77 and a 12-month high of $70.23. The business’s fifty day simple moving average is $62.08 and its 200-day simple moving average is $61.36. The company has a market capitalization of $7.41 billion, a PE ratio of 9.81, a P/E/G ratio of 1.21 and a beta of 1.46. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last announced 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. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same period last year, the business posted $2.30 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 7.41 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 annualized dividend and a yield of 2.20%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

Insiders Place Their Bets

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its holdings in Western Alliance Bancorporation by 0.6% in the first quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after acquiring an additional 164 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the last quarter. Riverwater Partners LLC lifted its stake in Western Alliance Bancorporation by 0.7% during the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock worth $1,920,000 after purchasing an additional 211 shares in the last quarter. Versant Capital Management Inc lifted its stake in Western Alliance Bancorporation by 26.5% during the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after purchasing an additional 244 shares in the last quarter. Finally, Madison Asset Management LLC lifted its stake in Western Alliance Bancorporation by 0.4% during the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock worth $4,959,000 after purchasing an additional 297 shares in the last quarter. 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.