Western Alliance Bancorporation (NYSE:WAL) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Western Alliance Bancorporation (NYSE:WAL) have been given an average rating of “Buy” by the thirteen brokerages that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation, eleven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $97.77.

WAL has been the topic of a number of recent research reports. DA Davidson decreased their target price on Western Alliance Bancorporation from $106.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Truist Financial initiated coverage on Western Alliance Bancorporation in a report on Tuesday, May 13th. They issued a “buy” rating and a $92.00 target price on the stock. Stephens reissued an “overweight” rating and set a $92.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on Western Alliance Bancorporation in a report on Wednesday, May 21st. They set a “buy” rating and a $95.00 price target on the stock. Finally, Wall Street Zen raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 21st.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently made changes to their positions in WAL. Norges Bank bought a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth about $109,298,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock worth $151,604,000 after purchasing an additional 648,983 shares during the last quarter. Nuveen LLC bought a new stake in shares of Western Alliance Bancorporation in the first quarter worth about $45,486,000. Janus Henderson Group PLC increased its holdings in shares of Western Alliance Bancorporation by 23.5% in the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider’s stock worth $195,616,000 after purchasing an additional 445,176 shares during the last quarter. Finally, FJ Capital Management LLC increased its holdings in shares of Western Alliance Bancorporation by 824.8% in the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider’s stock worth $33,998,000 after purchasing an additional 394,660 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $77.81 on Friday. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The stock’s fifty day moving average is $73.02 and its 200 day moving average is $78.65. The stock has a market cap of $8.59 billion, a P/E ratio of 10.67, a P/E/G ratio of 0.56 and a beta of 1.29. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.83 and a current ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.01. Western Alliance Bancorporation had a return on equity of 12.57% and a net margin of 15.80%. The company had revenue of $790.10 million for the quarter, compared to analysts’ expectations of $792.25 million. During the same period last year, the firm earned $1.72 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Thursday, May 15th were issued a $0.38 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.95%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 20.85%.

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.