Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $74.00 at Keefe, Bruyette & Woods

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by Keefe, Bruyette & Woods from $79.00 to $74.00 in a research report released on Monday, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other analysts have also issued reports on the company. DA Davidson dropped their target price on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a report on Monday. Wedbush cut their price objective on Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating for the company in a report on Friday. JPMorgan Chase & Co. decreased their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research note on Thursday, April 4th. Royal Bank of Canada reaffirmed an outperform rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. Finally, Citigroup lifted their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a report on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $70.88.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $58.71 on Monday. The company has a fifty day moving average price of $59.41 and a 200 day moving average price of $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 cap of $6.47 billion, a PE ratio of 8.56 and a beta of 1.47. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same period last year, the company earned $2.30 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the company. WCM Investment Management LLC bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter worth approximately $12,387,000. Smead Capital Management Inc. acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at $77,957,000. Strs Ohio boosted its holdings in shares of Western Alliance Bancorporation by 35.3% in the 4th quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock valued at $5,697,000 after purchasing an additional 22,600 shares in the last quarter. Invesco Ltd. increased its stake in shares of Western Alliance Bancorporation by 170.4% in the 3rd quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock valued at $59,507,000 after purchasing an additional 815,737 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its position in shares of Western Alliance Bancorporation by 16.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock worth $551,000 after buying an additional 1,713 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

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.