Keefe, Bruyette & Woods Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $93.00

Western Alliance Bancorporation (NYSE:WAL) had its price target decreased by Keefe, Bruyette & Woods from $101.00 to $93.00 in a research note issued to investors on Thursday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Other analysts have also recently issued research reports about the stock. Truist Financial set a $98.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, January 9th. Barclays cut their target price on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. Weiss Ratings lowered shares of Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, March 20th. Finally, Piper Sandler lowered their price target on shares of Western Alliance Bancorporation from $108.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Ten research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $93.27.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $76.15 on Thursday. The firm has a 50-day moving average of $79.91 and a 200-day moving average of $82.11. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. The stock has a market cap of $8.37 billion, a PE ratio of 8.72, a P/E/G ratio of 0.67 and a beta of 1.37. Western Alliance Bancorporation has a 52-week low of $60.01 and a 52-week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. The company had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. Western Alliance Bancorporation’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.95 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 19.24%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD increased its position in Western Alliance Bancorporation by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock worth $735,350,000 after acquiring an additional 777,369 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of Western Alliance Bancorporation by 7.9% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock valued at $542,286,000 after buying an additional 470,492 shares in the last quarter. Invesco Ltd. raised its position in shares of Western Alliance Bancorporation by 3.4% in the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock valued at $521,710,000 after buying an additional 197,854 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Western Alliance Bancorporation by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,777,461 shares of the financial services provider’s stock valued at $317,574,000 after buying an additional 102,943 shares in the last quarter. Finally, William Blair Investment Management LLC raised its position in shares of Western Alliance Bancorporation by 3.5% in the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock valued at $207,670,000 after buying an additional 81,386 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

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.