Western Alliance Bancorporation (NYSE:WAL) Research Coverage Started at UBS Group

UBS Group assumed coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research report released on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $115.00 target price on the financial services provider’s stock.

WAL has been the subject of a number of other reports. Piper Sandler reduced their price target on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Royal Bank of Canada set a $99.00 price target on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. reduced their price objective on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Truist Financial lowered their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and upped their price objective for the company from $83.00 to $101.00 in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.75.

Western Alliance Bancorporation Stock Down 1.1 %

WAL stock opened at $82.86 on Tuesday. Western Alliance Bancorporation has a 1 year low of $53.75 and a 1 year high of $98.10. The company has a fifty day simple moving average of $89.22 and a 200 day simple moving average of $79.18. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The firm has a market cap of $9.12 billion, a PE ratio of 12.79, a PEG ratio of 1.41 and a beta of 1.45.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). The firm had revenue of $833.10 million during the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were issued a dividend of $0.38 per share. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.83%. Western Alliance Bancorporation’s dividend payout ratio is currently 23.46%.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WAL. Principal Financial Group Inc. boosted its stake in Western Alliance Bancorporation by 6,342.7% in the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock valued at $44,522,000 after acquiring an additional 506,778 shares during the last quarter. Retirement Systems of Alabama acquired a new position in Western Alliance Bancorporation in the third quarter valued at about $11,461,000. Oddo BHF Asset Management Sas bought a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $639,000. Franklin Resources Inc. increased its position in shares of Western Alliance Bancorporation by 17.0% during the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock worth $27,970,000 after acquiring an additional 45,764 shares in the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in Western Alliance Bancorporation by 89.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 7,125 shares of the financial services provider’s stock worth $667,000 after purchasing an additional 3,365 shares in the last quarter. 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.