Barclays Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $90.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective lowered by Barclays from $105.00 to $90.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on WAL. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $105.00 target price (up from $100.00) on shares of Western Alliance Bancorporation in a research note on Wednesday, January 28th. UBS Group set a $93.00 price objective on Western Alliance Bancorporation and gave the company a “buy” rating in a report on Tuesday, March 10th. National Alliance Securities reissued a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. iA Financial set a $101.00 target price on Western Alliance Bancorporation in a research report on Wednesday, January 28th. Finally, DA Davidson reduced their target price on shares of Western Alliance Bancorporation from $105.00 to $93.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.73.

Western Alliance Bancorporation Stock Down 0.6%

WAL stock opened at $66.95 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $97.23. The company has a 50 day moving average of $85.00 and a two-hundred day moving average of $84.01. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 0.58 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. The business had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period last year, the business earned $1.95 earnings per share. On average, equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were issued a dividend of $0.42 per share. The ex-dividend date was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.5%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 19.24%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Institutional investors have recently bought and sold shares of the company. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth about $26,000. Quent Capital LLC bought a new position in Western Alliance Bancorporation in the third quarter valued at approximately $26,000. Salomon & Ludwin LLC bought a new position in Western Alliance Bancorporation in the third quarter valued at approximately $27,000. Root Financial Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $27,000. Finally, Clearstead Advisors LLC raised its stake in shares of Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.