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

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

Several other equities research analysts have also recently issued reports on the stock. Stephens reissued an overweight rating and issued a $82.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. Wedbush lowered their price objective on shares of Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating for the company in a research report on Friday, April 19th. DA Davidson reissued a buy rating and issued a $85.00 price objective on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Barclays initiated coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They issued an overweight rating and a $91.00 price objective for the company. Finally, Truist Financial reissued a buy rating and issued a $80.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $58.58 on Monday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company has a market cap of $6.45 billion, a P/E ratio of 8.54 and a beta of 1.47. The firm’s fifty day moving average is $59.33 and its two-hundred day moving average is $56.85. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion for 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 period in the previous year, the firm posted $2.30 EPS. As a group, analysts anticipate that Western Alliance Bancorporation will post 7.73 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Western Alliance Bancorporation in the 1st quarter valued at $27,000. GAMMA Investing LLC raised its position in Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 183 shares during the last quarter. Parkside Financial Bank & Trust raised its position in Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 760 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at $65,000. Finally, Fortitude Family Office LLC purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at $93,000. Institutional investors and hedge funds 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.