Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $74.00

Western Alliance Bancorporation (NYSE:WAL) had its target price lowered by Keefe, Bruyette & Woods from $79.00 to $74.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on WAL. Jefferies Financial Group reduced their price objective on Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating for the company in a research report on Monday, April 8th. DA Davidson lowered their price target on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating for the company in a research note on Monday. Wells Fargo & Company cut their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research report on Wednesday, April 10th. JPMorgan Chase & Co. decreased their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, April 4th. Finally, Stephens restated an overweight rating and set a $82.00 price target on shares of Western Alliance Bancorporation in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $70.56.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $59.38 on Monday. The business’s 50-day moving average is $59.41 and its 200-day moving average is $56.84. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. The company has a market capitalization of $6.54 billion, a price-to-earnings ratio of 8.66 and a beta of 1.47. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23.

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

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.49%. Western Alliance Bancorporation’s payout ratio is presently 21.57%.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of Western Alliance Bancorporation during the first quarter worth approximately $27,000. GAMMA Investing LLC raised its stake 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 valued at $32,000 after purchasing an additional 183 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 760 shares during the period. Rakuten Securities Inc. acquired a new stake in Western Alliance Bancorporation in the 4th quarter worth $65,000. Finally, Fortitude Family Office LLC acquired a new stake in Western Alliance Bancorporation in the 4th quarter worth $93,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.