Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $78.00 by Analysts at DA Davidson

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by DA Davidson from $85.00 to $78.00 in a research report report published on Monday, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock. DA Davidson also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.80 EPS, FY2024 earnings at $7.50 EPS and FY2025 earnings at $8.60 EPS.

Several other equities research analysts have also recently weighed in on WAL. Hovde Group began coverage on Western Alliance Bancorporation in a report on Monday. They set an outperform rating and a $75.00 target price for the company. Wells Fargo & Company dropped their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating for the company in a report on Wednesday, April 10th. StockNews.com cut Western Alliance Bancorporation from a hold rating to a sell rating in a report on Saturday, March 9th. Wedbush dropped their price objective on Western Alliance Bancorporation from $75.00 to $70.00 and set an outperform rating for the company in a report on Friday, April 19th. Finally, Barclays initiated coverage on Western Alliance Bancorporation in a report on Friday, March 8th. They issued an overweight rating and a $91.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of Moderate Buy and an average target price of $70.56.

Western Alliance Bancorporation Trading Down 0.7 %

Shares of WAL stock opened at $59.38 on Monday. The stock has a market capitalization of $6.54 billion, a PE ratio of 8.66 and a beta of 1.47. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The business has a 50-day moving average of $59.41 and a 200 day moving average of $56.84. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the prior year, the business posted $2.30 EPS. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.83 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s payout ratio is presently 21.57%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Western Alliance Bancorporation by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock valued at $460,724,000 after purchasing an additional 74,824 shares during the period. William Blair Investment Management LLC increased its position in Western Alliance Bancorporation by 3.8% during the 3rd quarter. William Blair Investment Management LLC now owns 3,443,399 shares of the financial services provider’s stock valued at $158,293,000 after buying an additional 125,392 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Western Alliance Bancorporation by 50.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after buying an additional 824,636 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Western Alliance Bancorporation by 103.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after buying an additional 876,413 shares in the last quarter. Finally, FMR LLC increased its position in Western Alliance Bancorporation by 39.6% during the 3rd quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock valued at $63,068,000 after buying an additional 389,327 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.