Western Alliance Bancorporation (NYSE:WAL) Upgraded by Wells Fargo & Company to “Equal Weight” Rating

Wells Fargo & Company upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from an underweight rating to an equal weight rating in a report published on Monday morning, Marketbeat.com reports. Wells Fargo & Company currently has $79.00 price objective on the financial services provider’s stock, down from their previous price objective of $83.00.

A number of other research firms have also recently weighed in on WAL. Truist Financial set a $98.00 price target on Western Alliance Bancorporation in a report on Friday, January 9th. Keefe, Bruyette & Woods increased their price objective on Western Alliance Bancorporation from $98.00 to $101.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a research report on Friday. Jefferies Financial Group reaffirmed an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a research note on Friday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Twelve research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $101.07.

Western Alliance Bancorporation Stock Performance

WAL stock opened at $73.40 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The firm has a market cap of $8.07 billion, a P/E ratio of 8.41, a P/E/G ratio of 0.63 and a beta of 1.34. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $97.23. The stock’s 50 day simple moving average is $88.35 and its 200 day simple moving average is $85.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The firm had revenue of $890.80 million for the quarter, compared to analysts’ expectations of $912.69 million. During the same period last year, the business posted $1.95 earnings per share. The firm’s revenue for the quarter was up 17.0% on a year-over-year basis. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 20th were issued a $0.42 dividend. The ex-dividend date was Friday, February 20th. This represents a $1.68 annualized dividend and a dividend yield of 2.3%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 19.24%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC boosted its stake in Western Alliance Bancorporation by 1.9% during the 4th quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider’s stock valued at $505,000 after purchasing an additional 113 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Western Alliance Bancorporation by 4.6% in the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock worth $255,000 after buying an additional 133 shares in the last quarter. Silver Oak Securities Incorporated raised its stake in shares of Western Alliance Bancorporation by 1.0% in the 3rd quarter. Silver Oak Securities Incorporated now owns 14,318 shares of the financial services provider’s stock worth $1,242,000 after buying an additional 138 shares in the last quarter. EJF Capital LLC lifted its holdings in shares of Western Alliance Bancorporation by 2.5% in the second quarter. EJF Capital LLC now owns 6,223 shares of the financial services provider’s stock valued at $485,000 after buying an additional 149 shares during the period. Finally, Salzhauer Michael lifted its holdings in shares of Western Alliance Bancorporation by 0.3% in the third quarter. Salzhauer Michael now owns 44,815 shares of the financial services provider’s stock valued at $3,886,000 after buying an additional 152 shares during the period. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.