Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $103.00 by Analysts at Citigroup

Western Alliance Bancorporation (NYSE:WAL) had its target price trimmed by Citigroup from $107.00 to $103.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports 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 report on Wednesday, January 28th. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. iA Financial set a $101.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Finally, Jefferies Financial Group restated an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a report on Friday. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $101.07.

Western Alliance Bancorporation Price Performance

WAL stock opened at $73.40 on Monday. The stock has a 50-day moving average price of $88.35 and a two-hundred day moving average price of $85.23. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $97.23. The stock has a market cap of $8.07 billion, a PE ratio of 8.41, a price-to-earnings-growth ratio of 0.63 and a beta of 1.34. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. The company had revenue of $890.80 million for the quarter, compared to analyst estimates of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.95 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 2.3%. Western Alliance Bancorporation’s dividend payout ratio is 19.24%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. NewEdge Advisors LLC raised its stake in shares of Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after purchasing an additional 3,249 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of Western Alliance Bancorporation by 513.5% in the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock valued at $133,000 after buying an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after buying an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Western Alliance Bancorporation by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock worth $26,701,000 after acquiring an additional 35,276 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Western Alliance Bancorporation by 1.0% during the second quarter. Envestnet Asset Management Inc. now owns 47,009 shares of the financial services provider’s stock worth $3,666,000 after acquiring an additional 455 shares in the last quarter. Institutional investors and hedge funds 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.