Barclays Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $97.00

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by Barclays from $107.00 to $97.00 in a report released on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the financial services provider’s stock.

WAL has been the topic of several other reports. UBS Group began coverage on Western Alliance Bancorporation in a report on Tuesday, December 17th. They set a “buy” rating and a $115.00 price target on the stock. DA Davidson lowered their target price on Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Stephens reissued an “overweight” rating and issued a $103.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, January 28th. JPMorgan Chase & Co. reduced their price target on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Piper Sandler increased their price objective on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $96.40.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $62.87 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm has a market cap of $6.94 billion, a price-to-earnings ratio of 8.85, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. The business has a 50-day simple moving average of $79.44 and a two-hundred day simple moving average of $84.70. Western Alliance Bancorporation has a fifty-two week low of $53.75 and a fifty-two week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. On average, analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were given a $0.38 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.42%. Western Alliance Bancorporation’s payout ratio is currently 21.41%.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp boosted its holdings in Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after buying an additional 1,418,472 shares during the period. Norges Bank purchased a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at about $109,298,000. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock worth $151,604,000 after acquiring an additional 648,983 shares during the period. Principal Financial Group Inc. grew its position in shares of Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after purchasing an additional 506,778 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider’s stock valued at $195,616,000 after purchasing an additional 445,176 shares during the period. 79.15% of the stock is currently owned by 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.