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

Posted by on Jun 8th, 2023

Western Alliance Bancorporation (NYSE:WAL – Get Rating) has been assigned a consensus rating of “Moderate Buy” from the sixteen research firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $59.25.

Several research firms have commented on WAL. Royal Bank of Canada upped their price objective on shares of Western Alliance Bancorporation from $55.00 to $59.00 and gave the company an “outperform” rating in a report on Thursday, April 20th. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $90.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, March 14th. UBS Group increased their target price on Western Alliance Bancorporation from $62.00 to $67.00 and gave the stock a “buy” rating in a research report on Thursday, April 20th. Bank of America assumed coverage on Western Alliance Bancorporation in a research report on Tuesday, May 16th. They issued a “buy” rating and a $42.00 price target for the company. Finally, TheStreet downgraded Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a research note on Thursday, April 6th.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $40.53 on Thursday. The company has a debt-to-equity ratio of 3.20, a quick ratio of 1.05 and a current ratio of 1.19. The company has a market capitalization of $4.44 billion, a PE ratio of 4.63, a price-to-earnings-growth ratio of 0.45 and a beta of 1.37. Western Alliance Bancorporation has a 52-week low of $7.46 and a 52-week high of $86.87. The company has a 50-day simple moving average of $33.74 and a 200 day simple moving average of $52.27.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last posted its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $2.30 EPS for the quarter, missing the consensus estimate of $2.31 by ($0.01). Western Alliance Bancorporation had a net margin of 28.75% and a return on equity of 21.73%. The firm had revenue of $910.90 million during the quarter, compared to analysts’ expectations of $648.39 million. During the same quarter in the previous year, the company posted $2.22 EPS. On average, research analysts predict that Western Alliance Bancorporation will post 8.23 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 26th. Investors of record on Friday, May 12th were paid a $0.36 dividend. The ex-dividend date was Thursday, May 11th. This represents a $1.44 dividend on an annualized basis and a yield of 3.55%. Western Alliance Bancorporation’s dividend payout ratio is presently 16.44%.

Insiders Place Their Bets

In other news, Director Marianne Boyd Johnson acquired 2,475 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $25.79 per share, with a total value of $63,830.25. Following the acquisition, the director now owns 2,475 shares in the company, valued at approximately $63,830.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.57% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Hedge funds have recently added to or reduced their stakes in the business. Cetera Advisor Networks LLC lifted its stake in shares of Western Alliance Bancorporation by 5.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider’s stock valued at $413,000 after acquiring an additional 247 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $504,000. MetLife Investment Management LLC purchased a new position in shares of Western Alliance Bancorporation in the first quarter worth $374,000. Dimensional Fund Advisors LP raised its holdings in Western Alliance Bancorporation by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,071,776 shares of the financial services provider’s stock valued at $88,776,000 after buying an additional 4,468 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Western Alliance Bancorporation by 13.8% during the 1st quarter. Sei Investments Co. now owns 126,197 shares of the financial services provider’s stock valued at $10,440,000 after buying an additional 15,297 shares during the period. 84.68% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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