Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $87.00 by Analysts at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL) had its price target lifted by Royal Bank of Canada from $78.00 to $87.00 in a research note released on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on WAL. Barclays lifted their target price on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an overweight rating in a report on Monday. StockNews.com upgraded Western Alliance Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a report on Thursday, April 4th. Wedbush restated an outperform rating and issued a $70.00 target price on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Finally, DA Davidson decreased their target price on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a report on Monday, April 22nd. Three analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Up 4.2 %

Shares of WAL stock opened at $79.79 on Monday. Western Alliance Bancorporation has a 1 year low of $38.81 and a 1 year high of $81.15. The stock has a market cap 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. The business’s fifty day moving average is $64.18 and its 200-day moving average is $61.99. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90.

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

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were given a dividend of $0.37 per share. 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 payout ratio is 21.57%.

Insider Activity at Western Alliance Bancorporation

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation during the first quarter valued at $27,000. GAMMA Investing LLC boosted its position in Western Alliance Bancorporation by 57.4% during the first 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. ORG Partners LLC acquired a new stake in Western Alliance Bancorporation during the second quarter valued at $36,000. Rakuten Securities Inc. acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at $65,000. Finally, Versant Capital Management Inc lifted its position 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 buying an additional 244 shares during the last quarter. 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.