Western Alliance Bancorporation (NYSE:WAL) Shares Down 8.8% – What’s Next?

Western Alliance Bancorporation (NYSE:WAL) shares were down 8.8% during trading on Friday . The stock traded as low as $81.75 and last traded at $82.1560. Approximately 675,878 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 1,079,512 shares. The stock had previously closed at $90.06.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, January 9th. Citigroup increased their target price on shares of Western Alliance Bancorporation from $104.00 to $107.00 and gave the company a “buy” rating in a report on Friday, January 30th. iA Financial set a $101.00 price target on Western Alliance Bancorporation in a research note on Wednesday, January 28th. TD Cowen lowered their price target on Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. Finally, DA Davidson lifted their price objective on Western Alliance Bancorporation from $104.00 to $105.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Eleven research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $103.73.

Western Alliance Bancorporation Price Performance

The company has a 50 day simple moving average of $89.43 and a 200 day simple moving average of $85.36. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 0.75 and a beta of 1.37. The company has a quick ratio of 0.79, a current ratio of 0.85 and a debt-to-equity ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.40 by $0.19. The company had revenue of $980.90 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%.The firm’s revenue was up 17.0% compared to the same quarter last year. During the same period last year, the company posted $1.95 earnings per share. As a group, research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 6th. Shareholders of record on Friday, February 20th will be paid a dividend of $0.42 per share. The ex-dividend date is Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio is presently 19.24%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC raised its holdings in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after buying an additional 3,249 shares during the period. Jones Financial Companies Lllp grew its stake in Western Alliance Bancorporation by 513.5% in 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. increased its position in Western Alliance Bancorporation by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock worth $8,596,000 after purchasing an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Western Alliance Bancorporation by 11.3% during the 1st 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 worth $26,701,000 after purchasing an additional 35,276 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in Western Alliance Bancorporation by 10.9% in the second quarter. D.A. Davidson & CO. now owns 6,715 shares of the financial services provider’s stock worth $524,000 after buying an additional 659 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.

About Western Alliance Bancorporation

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.