Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $76.00 at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL) had its target price cut by Royal Bank of Canada from $78.00 to $76.00 in a research note published on Monday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

WAL has been the topic of several other research reports. Stephens restated an overweight rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, April 19th. DA Davidson cut their price target on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a research note on Monday. Keefe, Bruyette & Woods lowered their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday, April 4th. Finally, Barclays began coverage on Western Alliance Bancorporation in a research report on Friday, March 8th. They set an overweight rating and a $91.00 price target for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $70.56.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $59.38 on Monday. The company has a 50 day moving average of $59.41 and a two-hundred day moving average of $56.84. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 8.66 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a twelve month low of $11.35 and a twelve month high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same period in the previous year, the business earned $2.30 EPS. As a group, analysts predict that Western Alliance Bancorporation will post 7.83 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given a $0.37 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.48 annualized dividend and a yield of 2.49%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors have recently made changes to their positions in WAL. GAMMA Investing LLC grew its position in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares during the period. Riverwater Partners LLC boosted its stake in shares of Western Alliance Bancorporation by 0.7% during the 4th quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock worth $1,920,000 after acquiring an additional 211 shares in the last quarter. Treasurer of the State of North Carolina grew its position in shares of Western Alliance Bancorporation by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after acquiring an additional 240 shares during the period. Madison Asset Management LLC increased its stake in shares of Western Alliance Bancorporation by 0.4% in the 4th quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after purchasing an additional 297 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in Western Alliance Bancorporation by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock worth $749,000 after purchasing an additional 303 shares during the period. 79.15% of the stock is owned by hedge funds and other 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.