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 decreased by Royal Bank of Canada from $78.00 to $76.00 in a report issued on Monday, 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. StockNews.com downgraded Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. Citigroup increased their price target on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a report on Monday, January 29th. DA Davidson cut their price objective on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating for the company in a report on Monday. Hovde Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Monday. They issued an outperform rating and a $75.00 price objective for the company. Finally, Wedbush dropped their target price on Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation presently has a consensus rating of Moderate Buy and a consensus target price of $70.88.

Western Alliance Bancorporation Stock Up 2.2 %

NYSE:WAL opened at $58.71 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 fifty day moving average price is $59.41 and its 200-day moving average price is $56.71. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The firm has a market capitalization of $6.47 billion, a P/E ratio of 8.56 and a beta of 1.47.

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 for the quarter, topping the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion for 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 period last year, the firm earned $2.30 EPS. As a group, equities research analysts anticipate that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new position in Western Alliance Bancorporation in the 1st quarter worth approximately $27,000. GAMMA Investing LLC lifted its position in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Western Alliance Bancorporation by 422.2% during the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after buying an additional 760 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at $65,000. Finally, Fortitude Family Office LLC acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth $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.