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

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by DA Davidson from $85.00 to $78.00 in a research report sent 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.

Several other brokerages have also recently weighed in on WAL. StockNews.com cut Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Saturday, March 9th. Wedbush dropped their price objective on Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating on the stock in a research note on Friday, April 19th. Royal Bank of Canada restated an outperform rating and set a $78.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Wells Fargo & Company dropped their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Finally, Jefferies Financial Group decreased their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $70.56.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $58.58 on Monday. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The business’s fifty day moving average is $59.33 and its 200 day moving average is $56.85. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The stock has a market cap of $6.45 billion, a P/E ratio of 8.54 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $711.34 million. During the same period last year, the business earned $2.30 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.73 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Western Alliance Bancorporation by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock worth $460,724,000 after acquiring an additional 74,824 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Western Alliance Bancorporation by 3.8% in the 3rd quarter. William Blair Investment Management LLC now owns 3,443,399 shares of the financial services provider’s stock worth $158,293,000 after purchasing an additional 125,392 shares during the period. Dimensional Fund Advisors LP boosted its stake in Western Alliance Bancorporation by 50.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock worth $161,339,000 after purchasing an additional 824,636 shares during the period. Vaughan Nelson Investment Management L.P. boosted its stake in Western Alliance Bancorporation by 103.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock worth $113,510,000 after purchasing an additional 876,413 shares during the period. Finally, FMR LLC boosted its stake in Western Alliance Bancorporation by 39.6% in the 3rd quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock worth $63,068,000 after purchasing an additional 389,327 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.