Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $78.00

Western Alliance Bancorporation (NYSE:WAL) had its target price lowered by DA Davidson from $85.00 to $78.00 in a research note issued to investors on Monday, Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock. DA Davidson also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.80 EPS, FY2024 earnings at $7.50 EPS and FY2025 earnings at $8.60 EPS.

A number of other equities analysts have also commented on WAL. Wedbush dropped their price target on Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating for the company in a research note on Friday, April 19th. StockNews.com lowered Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Saturday, March 9th. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research note on Thursday, April 4th. Royal Bank of Canada reissued an outperform rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Finally, Hovde Group assumed coverage on Western Alliance Bancorporation in a research note on Monday. They issued an outperform rating and a $75.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $58.58 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The stock has a 50-day moving average price of $59.33 and a 200 day moving average price of $56.85. The stock has a market capitalization of $6.45 billion, a P/E ratio of 8.54 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. During the same period in the prior year, the company earned $2.30 earnings per share. Equities research analysts forecast that Western Alliance Bancorporation will post 7.73 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 1st. Stockholders of record on Friday, February 16th were issued a $0.37 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.53%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter valued at $27,000. GAMMA Investing LLC increased its holdings in shares of Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the period. Parkside Financial Bank & Trust increased its holdings in shares of Western Alliance Bancorporation by 422.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 760 shares during the period. Rakuten Securities Inc. purchased a new position in shares of Western Alliance Bancorporation in the 4th quarter valued at $65,000. Finally, Fortitude Family Office LLC purchased a new position in shares of Western Alliance Bancorporation in the 4th quarter valued at $93,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.