Western Alliance Bancorporation (NYSE:WAL) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Western Alliance Bancorporation (NYSE:WAL) have received a consensus recommendation of “Moderate Buy” from the sixteen ratings firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $94.31.

WAL has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their price target for the company from $83.00 to $101.00 in a report on Monday, October 7th. Piper Sandler cut their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Stephens reiterated an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Barclays raised their price target on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company cut their price target on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday.

Western Alliance Bancorporation Stock Down 1.2 %

WAL opened at $80.63 on Friday. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.41 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm’s 50-day simple moving average is $88.52 and its 200-day simple moving average is $81.69. Western Alliance Bancorporation has a twelve month low of $53.75 and a twelve month high of $98.10.

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 the consensus estimate of $1.90 by ($0.10). The firm had revenue of $833.10 million for the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. Equities research 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. Investors of record on Friday, November 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.89%. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. Western Alliance Bancorporation’s dividend payout ratio is currently 23.46%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp raised its position in shares of Western Alliance Bancorporation by 46.2% during the third quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after purchasing an additional 1,418,472 shares during the period. FMR LLC increased its position in shares of Western Alliance Bancorporation by 93.3% during the third quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock worth $241,568,000 after acquiring an additional 1,347,921 shares in the last quarter. LHM Inc. boosted its stake in Western Alliance Bancorporation by 2,141.1% in the 2nd quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock worth $47,606,000 after purchasing an additional 723,995 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after purchasing an additional 636,577 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after buying an additional 506,778 shares in the last quarter. 79.15% of the stock is currently owned by 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.