Western Alliance Bancorporation (NYSE:WAL – Free Report) had its price target reduced by Wells Fargo & Company from $84.00 to $82.00 in a research note released on Monday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.
WAL has been the topic of several other research reports. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. Citigroup reduced their price objective on Western Alliance Bancorporation from $98.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, September 22nd. TD Cowen lowered their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, October 5th. UBS Group boosted their target price on Western Alliance Bancorporation from $85.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Finally, Bank of America dropped their target price on Western Alliance Bancorporation from $91.00 to $87.00 in a report on Thursday, October 8th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $92.44.
Read Our Latest Report on Western Alliance Bancorporation
Western Alliance Bancorporation Price Performance
Shares of WAL opened at $75.73 on Monday. The stock has a market cap of $8.14 billion, a PE ratio of 8.05, a price-to-earnings-growth ratio of 0.76 and a beta of 1.43. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.81 and a current ratio of 0.86. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The firm’s 50-day simple moving average is $76.78 and its two-hundred day simple moving average is $79.51.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last announced its earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.43 by $0.02. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $987.91 million. During the same quarter last year, the firm earned $2.28 earnings per share. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. Analysts anticipate that Western Alliance Bancorporation will post 9.04 earnings per share for the current fiscal year.
Western Alliance Bancorporation Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Stockholders of record on Thursday, November 12th will be paid a $0.46 dividend. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.42. This represents a $1.84 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, November 12th. Western Alliance Bancorporation’s payout ratio is currently 18.56%.
Institutional Investors Weigh In On Western Alliance Bancorporation
A number of institutional investors have recently made changes to their positions in WAL. Northwestern Mutual Wealth Management Co. purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $26,000. Fortitude Family Office LLC lifted its position in Western Alliance Bancorporation by 173.5% in the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 229 shares in the last quarter. Provenance Wealth Advisors LLC bought a new position in Western Alliance Bancorporation in the 3rd quarter valued at approximately $31,000. Assetmark Inc. boosted its stake in Western Alliance Bancorporation by 86.0% during the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 259 shares during the last quarter. Finally, Compound Global Advisors LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $41,000. Hedge funds and other 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, and the parent of Western Alliance Bank. The company provides commercial banking and related financial services to businesses, business owners and individuals. Its services include business and commercial real estate lending, deposit accounts, treasury management, and specialized banking for industries such as technology, healthcare, and property management. Through its banking divisions and specialized business lines, Western Alliance serves clients across the western United States and beyond.
Further Reading
- Five stocks we like better than Western Alliance Bancorporation
- Keeping AI Cool: AAON Rides the AI Heatwave to Record Growth
- AST SpaceMobile Has a New Rocket Plan, But Its Cash-Burn Problem Isn’t Going Away
- Powering Up the Moon: Redwire’s $40 Million NASA Award
- Can Constellation Energy’s Contracts Power a Stock Rebound?
Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.
