Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $93.00 by Analysts at Piper Sandler

Western Alliance Bancorporation (NYSE:WAL) had its price objective hoisted by Piper Sandler from $76.00 to $93.00 in a research note released on Monday, Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

WAL has been the topic of several other research reports. Royal Bank of Canada lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $78.00 and gave the stock an outperform rating in a report on Tuesday, July 9th. Hovde Group began coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an outperform rating and a $75.00 price target on the stock. Wedbush restated an outperform rating and issued a $70.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, May 8th. Stephens restated an overweight rating and issued a $82.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. Finally, Truist Financial decreased their price target on shares of Western Alliance Bancorporation from $75.00 to $74.00 and set a buy rating on the stock in a research report on Monday, July 8th. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $79.79 on Monday. The company has a market capitalization of $8.79 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. Western Alliance Bancorporation has a one year low of $38.81 and a one year high of $81.15. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.90 and a quick ratio of 0.87. The company’s fifty day moving average price is $64.18 and its 200 day moving average price is $61.99.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.71 by $0.04. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The business’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.96 EPS. As a group, analysts expect that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were given a $0.37 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a yield of 1.85%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Western Alliance Bancorporation in the first quarter worth about $27,000. GAMMA Investing LLC raised its stake in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares during the last quarter. ORG Partners LLC bought a new position in shares of Western Alliance Bancorporation in the second quarter worth about $36,000. Rakuten Securities Inc. bought a new position in shares of Western Alliance Bancorporation in the fourth quarter worth about $65,000. Finally, Versant Capital Management Inc raised its stake in shares of Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

Western Alliance Bancorporation Company Profile

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.