Piper Sandler Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $94.00

Western Alliance Bancorporation (NYSE:WAL) had its target price decreased by Piper Sandler from $108.00 to $94.00 in a report published on Thursday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on WAL. Barclays lowered their price objective on Western Alliance Bancorporation from $105.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 18th. Weiss Ratings cut Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. Citigroup lowered their price target on Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating on the stock in a report on Monday, March 9th. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $83.00 to $79.00 in a research report on Monday, March 9th. Finally, UBS Group set a $93.00 price objective on Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Tuesday, March 10th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.13.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $72.10 on Thursday. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $97.23. The company’s 50-day moving average is $81.36 and its 200 day moving average is $82.65.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. During the same period in the previous year, the company earned $1.95 earnings per share. The business’s revenue for the quarter 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 fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were given a dividend of $0.42 per share. The ex-dividend date was Friday, February 20th. This represents a $1.68 annualized dividend and a yield of 2.3%. Western Alliance Bancorporation’s payout ratio is 19.24%.

Institutional Trading of Western Alliance Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Halbert Hargrove Global Advisors LLC purchased a new stake in Western Alliance Bancorporation in the 3rd quarter worth approximately $26,000. Quent Capital LLC bought a new stake in Western Alliance Bancorporation during the 3rd quarter worth approximately $26,000. Salomon & Ludwin LLC purchased a new position in Western Alliance Bancorporation during the third quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new position in Western Alliance Bancorporation during the third quarter valued at approximately $27,000. Finally, Clearstead Advisors LLC boosted its position 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 purchasing an additional 243 shares during the period. Hedge funds and other institutional investors 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.