Western Alliance Bancorporation (NYSE:WAL) Given New $94.00 Price Target at Piper Sandler

Western Alliance Bancorporation (NYSE:WAL) had its price objective trimmed by Piper Sandler from $108.00 to $94.00 in a report released on Thursday,Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on WAL. Truist Financial set a $98.00 price objective on Western Alliance Bancorporation in a report on Friday, January 9th. Jefferies Financial Group restated an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Barclays cut their price target on shares of Western Alliance Bancorporation from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. Keefe, Bruyette & Woods raised their price objective on Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an “outperform” rating in a report on Wednesday, January 28th. Finally, National Alliance Securities reiterated a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $95.13.

Western Alliance Bancorporation Trading Down 0.4%

NYSE WAL opened at $72.10 on Thursday. The stock’s 50-day moving average is $81.66 and its 200-day moving average is $82.80. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.80. The firm has a market cap of $7.92 billion, a P/E ratio of 8.26, a P/E/G ratio of 0.63 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The firm had revenue of $890.80 million for the quarter, compared to analyst estimates of $912.69 million. During the same quarter in the previous year, the firm posted $1.95 earnings per share. The business’s revenue was up 17.0% on a year-over-year basis. Sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.3%. Western Alliance Bancorporation’s payout ratio is presently 19.24%.

Institutional Trading of Western Alliance Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hsbc Holdings PLC boosted its holdings in shares of Western Alliance Bancorporation by 73.2% during the fourth quarter. Hsbc Holdings PLC now owns 6,580 shares of the financial services provider’s stock worth $553,000 after acquiring an additional 2,781 shares during the period. Rockefeller Capital Management L.P. increased its position in Western Alliance Bancorporation by 8.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 260,229 shares of the financial services provider’s stock worth $21,878,000 after acquiring an additional 19,581 shares during the period. Corient Private Wealth LLC boosted its holdings in Western Alliance Bancorporation by 134.9% in the 4th quarter. Corient Private Wealth LLC now owns 39,056 shares of the financial services provider’s stock valued at $3,283,000 after purchasing an additional 22,431 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $63,000. Finally, Virtu Financial LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $456,000. 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.