Barclays Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $88.00
by Tristan Rich · The Markets DailyWestern Alliance Bancorporation (NYSE:WAL – Free Report) had its target price lowered by Barclays from $90.00 to $88.00 in a report released on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.
A number of other equities research analysts have also recently commented on WAL. iA Financial set a $101.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Truist Financial set a $98.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Jefferies Financial Group reissued an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. UBS Group reissued a “neutral” rating and set a $75.00 target price (down from $106.00) on shares of Western Alliance Bancorporation in a research report on Tuesday. Finally, TD Cowen cut 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 report on Monday, March 9th. Ten investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.27.
Get Our Latest Research Report on WAL
Western Alliance Bancorporation Price Performance
NYSE WAL opened at $76.85 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. The firm’s 50 day moving average price is $80.16 and its 200-day moving average price is $82.25. Western Alliance Bancorporation has a 52-week low of $60.01 and a 52-week high of $97.23. The company has a market cap of $8.44 billion, a PE ratio of 8.80, a P/E/G ratio of 0.66 and a beta of 1.37.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. During the same quarter in the prior year, the company posted $1.95 earnings per share. Western Alliance Bancorporation’s revenue for the quarter was up 17.0% compared to the same quarter last year. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.
Western Alliance Bancorporation Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were issued a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 19.24%.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Halbert Hargrove Global Advisors LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth $26,000. Quent Capital LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth $26,000. Salomon & Ludwin LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth $27,000. Root Financial Partners LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth $27,000. Finally, Clearstead Advisors LLC raised its holdings in shares of 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 buying an additional 243 shares during the last quarter. Hedge funds and other 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.