TD Cowen Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $108.00

by · The Markets Daily

Western Alliance Bancorporation (NYSE:WAL – Free Report) had its price objective reduced by TD Cowen from $109.00 to $108.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the company. Cowen began coverage on Western Alliance Bancorporation in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Barclays upped their price target on Western Alliance Bancorporation from $112.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Royal Bank Of Canada lifted their price objective on shares of Western Alliance Bancorporation from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set an “outperform” rating for the company in a research note on Thursday, October 23rd. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $102.20.

View Our Latest Research Report on WAL

Western Alliance Bancorporation Trading Up 0.5%

NYSE:WAL opened at $90.14 on Wednesday. The company has a market capitalization of $9.92 billion, a PE ratio of 11.14, a P/E/G ratio of 0.55 and a beta of 1.34. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $94.40. The stock’s 50 day moving average price is $83.02 and its 200 day moving average price is $83.07. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share for the quarter. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%.The business had revenue of $718.00 million during the quarter. On average, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Thursday, November 13th were issued a $0.42 dividend. The ex-dividend date was Thursday, November 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. Western Alliance Bancorporation’s payout ratio is currently 20.77%.

Insider Transactions at Western Alliance Bancorporation

In other news, CFO Dale Gibbons bought 4,000 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were bought at an average cost of $77.00 per share, for a total transaction of $308,000.00. Following the completion of the transaction, the chief financial officer owned 300,358 shares in the company, valued at $23,127,566. This trade represents a 1.35% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.68% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $137,289,000. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock worth $518,578,000 after purchasing an additional 1,599,537 shares in the last quarter. Perpetual Ltd purchased a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $31,072,000. Bank of Montreal Can raised its position in shares of Western Alliance Bancorporation by 35.8% during the 3rd quarter. Bank of Montreal Can now owns 1,179,518 shares of the financial services provider’s stock worth $102,288,000 after purchasing an additional 310,826 shares during the last quarter. Finally, Global Frontier Investments LLC purchased a new stake in Western Alliance Bancorporation in the 2nd quarter valued at approximately $22,224,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

(Get Free Report)

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.

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