Wells Fargo & Company Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $95.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective decreased by Wells Fargo & Company from $102.00 to $95.00 in a research report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other brokerages have also weighed in on WAL. Wedbush lifted their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Piper Sandler lowered their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Monday, October 21st. Stephens restated an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Barclays lifted their price objective on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $101.00 in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.31.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $83.70 on Monday. The business’s 50-day moving average price is $88.71 and its 200 day moving average price is $81.37. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a twelve month low of $53.75 and a twelve month high of $98.10. The company has a market capitalization of $9.21 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The company had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. On average, research analysts predict that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Western Alliance Bancorporation Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, November 15th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 1.82%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 23.46%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth about $31,000. ORG Wealth Partners LLC bought a new stake in Western Alliance Bancorporation in the third quarter valued at about $33,000. UMB Bank n.a. raised its stake in Western Alliance Bancorporation by 136.8% during the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after buying an additional 249 shares in the last quarter. Blue Trust Inc. lifted its holdings in Western Alliance Bancorporation by 58.4% during the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after buying an additional 187 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Western Alliance Bancorporation by 167.5% during the 3rd quarter. Covestor Ltd now owns 634 shares of the financial services provider’s stock worth $55,000 after buying an additional 397 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.