Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $86.00 by Analysts at Barclays

Western Alliance Bancorporation (NYSE:WAL) had its target price lowered by Barclays from $91.00 to $86.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other research analysts also recently issued reports on the company. Truist Financial decreased their price objective on Western Alliance Bancorporation from $80.00 to $75.00 and set a buy rating for the company in a report on Monday. Hovde Group assumed coverage on Western Alliance Bancorporation in a report on Monday. They set an outperform rating and a $75.00 price objective for the company. DA Davidson decreased their price objective on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating for the company in a report on Monday. StockNews.com downgraded Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. Finally, Royal Bank of Canada decreased their price target on Western Alliance Bancorporation from $78.00 to $76.00 and set an outperform rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of Moderate Buy and a consensus target price of $70.56.

Western Alliance Bancorporation Stock Up 1.9 %

Shares of Western Alliance Bancorporation stock opened at $59.81 on Tuesday. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23. The business has a 50-day moving average of $59.43 and a two-hundred day moving average of $56.82. The company has a market capitalization of $6.59 billion, a P/E ratio of 8.72 and a beta of 1.47. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same period in the prior year, the company earned $2.30 earnings per share. As a group, equities analysts predict that Western Alliance Bancorporation will post 7.83 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.48 annualized dividend and a yield of 2.47%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds have recently added to or reduced their stakes in WAL. Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation during the 1st quarter worth approximately $27,000. GAMMA Investing LLC lifted its holdings in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 183 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in Western Alliance Bancorporation by 422.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 760 shares during the last quarter. Rakuten Securities Inc. bought a new position in Western Alliance Bancorporation during the 4th quarter worth $65,000. Finally, Fortitude Family Office LLC bought a new position in Western Alliance Bancorporation during the 4th quarter worth $93,000. 79.15% of the stock is owned by institutional investors and hedge funds.

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.