Barclays Trims Western Alliance Bancorporation (NYSE:WAL) Target Price to $86.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective trimmed by Barclays from $91.00 to $86.00 in a research note issued to investors on Tuesday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on WAL. Truist Financial lowered their price objective on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a buy rating for the company in a research report on Monday, April 22nd. StockNews.com cut shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Saturday, March 9th. Hovde Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an outperform rating and a $75.00 target price for the company. Stephens restated an overweight rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods decreased their target price on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $70.56.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $58.72 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23. The firm has a 50-day simple moving average of $59.29 and a 200 day simple moving average of $56.95. The company has a market cap of $6.47 billion, a PE ratio of 8.56 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same quarter in the prior year, the firm earned $2.30 EPS. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.67 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Institutional Trading of Western Alliance Bancorporation

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. WCM Investment Management LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $12,387,000. Smead Capital Management Inc. acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $77,957,000. Strs Ohio lifted its stake in Western Alliance Bancorporation by 35.3% during the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock valued at $5,697,000 after purchasing an additional 22,600 shares during the last quarter. Invesco Ltd. lifted its stake in Western Alliance Bancorporation by 170.4% during the third quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock valued at $59,507,000 after purchasing an additional 815,737 shares during the last quarter. Finally, Dark Forest Capital Management LP lifted its stake in Western Alliance Bancorporation by 16.7% during the third quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock valued at $551,000 after purchasing an additional 1,713 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.