Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $88.00 by Analysts at Barclays

Western Alliance Bancorporation (NYSE:WAL) had its price objective trimmed by Barclays from $90.00 to $88.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also commented on WAL. Wells Fargo & Company upgraded Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. JPMorgan Chase & Co. decreased their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. DA Davidson decreased their price target on Western Alliance Bancorporation from $105.00 to $93.00 and set a “buy” rating on the stock in a research report on Tuesday, March 10th. Piper Sandler decreased their price target on Western Alliance Bancorporation from $108.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Finally, UBS Group reissued a “neutral” rating and set a $75.00 price objective (down from $106.00) on shares of Western Alliance Bancorporation in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $93.80.

Western Alliance Bancorporation Stock Down 1.6%

WAL opened at $71.91 on Tuesday. The firm’s 50-day simple moving average is $80.70 and its 200-day simple moving average is $82.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a twelve month low of $57.15 and a twelve month high of $97.23. The firm has a market cap of $7.90 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 0.63 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS 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 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 for the quarter was up 17.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.95 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 19.24%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WAL. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Western Alliance Bancorporation by 36.5% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock valued at $518,578,000 after buying an additional 1,599,537 shares during the last quarter. Norges Bank bought a new position in Western Alliance Bancorporation in the 4th quarter valued at $125,482,000. Price T Rowe Associates Inc. MD boosted its position in Western Alliance Bancorporation by 9.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after buying an additional 777,369 shares during the last quarter. AQR Capital Management LLC boosted its position in Western Alliance Bancorporation by 2,331.6% in the 4th quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock valued at $40,817,000 after buying an additional 465,541 shares during the last quarter. Finally, Perpetual Ltd bought a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $31,072,000. 79.15% of the stock is currently 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.