Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $52.00 by Analysts at Wells Fargo & Company

Posted by Defense World Staff on Oct 24th, 2023

Western Alliance Bancorporation (NYSE:WAL – Free Report) had its target price cut by Wells Fargo & Company from $65.00 to $52.00 in a research report released on Monday, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on WAL. DA Davidson boosted their price target on shares of Western Alliance Bancorporation from $52.00 to $64.00 and gave the stock a buy rating in a research note on Thursday, July 20th. Royal Bank of Canada increased their price target on Western Alliance Bancorporation from $55.00 to $56.00 and gave the company an outperform rating in a research note on Thursday, July 20th. Jefferies Financial Group lifted their price objective on Western Alliance Bancorporation from $55.00 to $58.00 in a research note on Tuesday, October 10th. Wedbush restated an outperform rating and set a $55.00 target price on shares of Western Alliance Bancorporation in a report on Friday. Finally, Truist Financial lowered their price target on Western Alliance Bancorporation from $60.00 to $54.00 and set a buy rating for the company in a research note on Wednesday, September 27th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $54.87.

Get Our Latest Report on WAL

Western Alliance Bancorporation Stock Down 1.2 %

NYSE WAL opened at $41.71 on Monday. The stock has a market capitalization of $4.57 billion, a P/E ratio of 5.29, a price-to-earnings-growth ratio of 0.51 and a beta of 1.42. Western Alliance Bancorporation has a 52 week low of $7.46 and a 52 week high of $81.17. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a fifty day moving average of $46.93 and a 200-day moving average of $41.57.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings results on Friday, October 20th. The financial services provider reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.91 by $0.06. The business had revenue of $716.20 million for the quarter, compared to analysts’ expectations of $686.59 million. Western Alliance Bancorporation had a return on equity of 18.70% and a net margin of 20.97%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.42 earnings per share. On average, equities research analysts forecast that Western Alliance Bancorporation will post 8.11 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Thursday, August 10th. Western Alliance Bancorporation’s dividend payout ratio is presently 18.27%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds have recently made changes to their positions in WAL. WINTON GROUP Ltd bought a new position in Western Alliance Bancorporation in the first quarter valued at $667,000. Grandeur Peak Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the 1st quarter worth about $1,066,000. DNB Asset Management AS grew its holdings in shares of Western Alliance Bancorporation by 6.6% in the 2nd quarter. DNB Asset Management AS now owns 162,486 shares of the financial services provider’s stock valued at $5,926,000 after acquiring an additional 10,019 shares in the last quarter. Evoke Wealth LLC bought a new position in shares of Western Alliance Bancorporation in the 1st quarter valued at about $225,000. Finally, Wescott Financial Advisory Group LLC acquired a new stake in shares of Western Alliance Bancorporation in the first quarter valued at about $355,000. 72.04% of the stock is owned by institutional investors.

Western Alliance Bancorporation Company Profile

(Get Free Report)

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.