DA Davidson Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $90.00

Western Alliance Bancorporation (NYSE:WAL) had its target price cut by DA Davidson from $93.00 to $90.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the company. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price target for the stock from $83.00 to $79.00 in a report on Monday, March 9th. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Piper Sandler cut their price target on Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Jefferies Financial Group reaffirmed an “overweight” rating and issued a $105.00 price target on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Finally, National Alliance Securities reaffirmed a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $92.93.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $74.41 on Wednesday. The firm has a market cap of $8.12 billion, a PE ratio of 8.66, a PEG ratio of 0.58 and a beta of 1.37. The stock’s fifty day moving average price is $74.69 and its two-hundred day moving average price is $81.68. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.80. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. The firm had revenue of $968.40 million for the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The business’s revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.79 earnings per share. On average, equities research analysts forecast that Western Alliance Bancorporation will post 9.89 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, May 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 19.56%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC raised its position in Western Alliance Bancorporation by 71.2% during the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock valued at $600,000 after purchasing an additional 3,249 shares in the last quarter. Jones Financial Companies Lllp raised its position in Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock valued at $133,000 after purchasing an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock valued at $8,596,000 after purchasing an additional 21,642 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Western Alliance Bancorporation by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock valued at $26,701,000 after purchasing an additional 35,276 shares in the last quarter. Finally, Cetera Investment Advisers raised its position in Western Alliance Bancorporation by 11.3% during the second quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock valued at $547,000 after purchasing an additional 713 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.