Citigroup Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $103.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective reduced by Citigroup from $107.00 to $103.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. UBS Group set a $106.00 price objective on shares of Western Alliance Bancorporation in a research note on Wednesday, February 4th. iA Financial set a $101.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. TD Cowen lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.40.

Western Alliance Bancorporation Stock Down 3.7%

Shares of Western Alliance Bancorporation stock opened at $69.61 on Monday. The stock has a 50-day moving average price of $87.81 and a 200 day moving average price of $85.02. The company has a market cap of $7.65 billion, a P/E ratio of 7.97, a P/E/G ratio of 0.62 and a beta of 1.34. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.19. The company had revenue of $890.80 million for the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.95 EPS. As a group, analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were issued a $0.42 dividend. The ex-dividend date was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a yield of 2.4%. Western Alliance Bancorporation’s dividend payout ratio is currently 19.24%.

Institutional Trading of Western Alliance Bancorporation

A number of institutional investors have recently added to or reduced their stakes in WAL. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth $26,000. Quent Capital LLC acquired a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at $27,000. Root Financial Partners LLC bought a new stake in Western Alliance Bancorporation in the third quarter worth $27,000. Finally, Clearstead Advisors LLC boosted its holdings in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.