Western Alliance Bancorporation (NYSE:WAL) Lowered to “Hold” Rating by TD Cowen

TD Cowen cut shares of Western Alliance Bancorporation (NYSE:WAL) from a buy rating to a hold rating in a research report released on Monday morning, MarketBeat.com reports. TD Cowen currently has $83.00 price target on the financial services provider’s stock.

WAL has been the topic of several other research reports. UBS Group set a $106.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday, February 4th. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $83.00 to $79.00 in a research report on Monday. Jefferies Financial Group restated an “overweight” rating and set a $105.00 price target on shares of Western Alliance Bancorporation in a research note on Friday. Finally, National Alliance Securities reaffirmed a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday. Twelve research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $101.07.

Western Alliance Bancorporation Stock Performance

WAL opened at $73.40 on Monday. The stock has a market cap of $8.07 billion, a PE ratio of 8.41, a P/E/G 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 has a 1 year low of $57.05 and a 1 year high of $97.23. The stock’s 50 day simple moving average is $88.35 and its 200-day simple moving average is $85.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its 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 business had revenue of $890.80 million during 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%.Western Alliance Bancorporation’s revenue was up 17.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.95 earnings per share. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

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

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors have recently added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC acquired a new position in Western Alliance Bancorporation in the third quarter valued at about $26,000. Quent Capital LLC acquired a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $27,000. Root Financial Partners LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $27,000. Finally, Clearstead Advisors LLC raised its stake 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 acquiring an additional 243 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

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.