Western Alliance Bancorporation (NYSE:WAL) Given New $90.00 Price Target at Barclays

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

A number of other research analysts also recently issued reports on the stock. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $105.00 price objective (up from $100.00) on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. TD Cowen lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price objective on the stock. in a research note on Monday, March 9th. National Alliance Securities reaffirmed a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Finally, Jefferies Financial Group reaffirmed an “overweight” rating and issued a $105.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.73.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $66.62 on Wednesday. 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 has a 12 month low of $57.05 and a 12 month high of $97.23. The stock’s fifty day moving average price is $85.91 and its 200-day moving average price is $84.29. The firm has a market cap of $7.32 billion, a P/E ratio of 7.63, a P/E/G ratio of 0.59 and a beta of 1.34.

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

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 20th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend 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 is presently 19.24%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of large investors have recently made changes to their positions in the stock. Halbert Hargrove Global Advisors LLC purchased a new stake in Western Alliance Bancorporation in the 3rd quarter valued at $26,000. Quent Capital LLC purchased a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Western Alliance Bancorporation in the third quarter valued at $27,000. Root Financial Partners LLC acquired a new position in Western Alliance Bancorporation in the 3rd quarter valued at about $27,000. Finally, Clearstead Advisors LLC grew its holdings in shares of Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 243 shares in the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

About Western Alliance Bancorporation

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.