Western Alliance Bancorporation (NYSE:WAL) Coverage Initiated at Hovde Group

Hovde Group initiated coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a report issued on Monday morning, StockNewsAPI reports. The brokerage issued an outperform rating and a $75.00 price objective on the financial services provider’s stock.

Several other brokerages also recently issued reports on WAL. JPMorgan Chase & Co. reduced their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a report on Thursday, April 4th. DA Davidson reissued a buy rating and set a $85.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Jefferies Financial Group cut their price objective on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating on the stock in a research note on Monday, April 8th. Barclays began coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an overweight rating and a $91.00 price objective on the stock. Finally, Wells Fargo & Company cut their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Down 1.3 %

WAL stock opened at $58.58 on Monday. The company has a market capitalization of $6.45 billion, a P/E ratio of 8.54 and a beta of 1.47. The firm has a 50 day simple moving average of $59.33 and a 200-day simple moving average of $56.85. The company has a current ratio of 0.96, a quick ratio of 0.93 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 released its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same quarter in the previous year, the company posted $2.30 earnings per share. On average, equities research analysts predict that Western Alliance Bancorporation will post 7.73 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Institutional Trading of Western Alliance Bancorporation

Large investors have recently made changes to their positions in the business. WCM Investment Management LLC increased its position in Western Alliance Bancorporation by 8.7% in the first quarter. WCM Investment Management LLC now owns 200,354 shares of the financial services provider’s stock worth $12,861,000 after purchasing an additional 16,025 shares during the period. Simplicity Wealth LLC acquired a new stake in Western Alliance Bancorporation in the first quarter worth about $217,000. LHM Inc. acquired a new stake in Western Alliance Bancorporation in the first quarter worth about $2,171,000. Compound Global Advisors LLC increased its position in Western Alliance Bancorporation by 45.7% in the first quarter. Compound Global Advisors LLC now owns 501,071 shares of the financial services provider’s stock worth $32,164,000 after purchasing an additional 157,170 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation in the first quarter worth about $27,000. Institutional investors own 79.15% of the company’s stock.

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.