DA Davidson Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $93.00

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by DA Davidson from $105.00 to $93.00 in a report published on Tuesday,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. Barclays reaffirmed an “overweight” rating on shares of Western Alliance Bancorporation in a research note on Monday, February 2nd. Citigroup decreased their target price on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating for the company in a research report on Monday. Jefferies Financial Group restated an “overweight” rating and set a $105.00 price target on shares of Western Alliance Bancorporation in a report on Friday, March 6th. UBS Group set a $93.00 price objective on shares of Western Alliance Bancorporation and gave the company a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $105.00 price objective (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Twelve analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $99.40.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $68.18 on Tuesday. The company has a market capitalization of $7.49 billion, a price-to-earnings ratio of 7.81, a PEG ratio of 0.60 and a beta of 1.34. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $97.23. The stock has a fifty day simple moving average of $87.49 and a 200 day simple moving average of $84.90.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, topping the consensus estimate of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The firm had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. During the same period in the previous year, the business earned $1.95 EPS. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. Sell-side analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 2.5%. Western Alliance Bancorporation’s payout ratio is 19.24%.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently modified their holdings of WAL. NewEdge Advisors LLC lifted its position in shares of 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 valued at $600,000 after acquiring an additional 3,249 shares during the period. Jones Financial Companies Lllp boosted its stake 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 worth $133,000 after acquiring an additional 1,448 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Western Alliance Bancorporation by 24.0% in the first 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Western Alliance Bancorporation by 11.3% in 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, Envestnet Asset Management Inc. increased its stake in Western Alliance Bancorporation by 1.0% in the second quarter. Envestnet Asset Management Inc. now owns 47,009 shares of the financial services provider’s stock valued at $3,666,000 after purchasing an additional 455 shares in the last quarter. Institutional investors and hedge funds 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.