Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $68.00 at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL - Free Report) had its price objective reduced by Wells Fargo & Company from $72.00 to $68.00 in a research report sent to investors on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

A number of other equities analysts have also recently issued reports on WAL. Citigroup lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a research report on Monday, January 29th. StockNews.com cut shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Saturday, March 9th. Jefferies Financial Group cut their target price on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a buy rating for the company in a research report on Monday. Truist Financial restated a buy rating and set a $80.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $66.60.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded down $3.57 during midday trading on Wednesday, hitting $57.30. The stock had a trading volume of 1,311,774 shares, compared to its average volume of 1,486,680. The company has a market capitalization of $6.31 billion, a PE ratio of 8.76 and a beta of 1.47. The stock has a 50 day moving average price of $59.91 and a two-hundred day moving average price of $55.94. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.02). The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $705.97 million. Western Alliance Bancorporation had a net margin of 16.74% and a return on equity of 16.33%. During the same period in the previous year, the firm earned $2.67 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 7.89 earnings per share for the current fiscal 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. The ex-dividend date was Thursday, February 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.58%. Western Alliance Bancorporation's dividend payout ratio (DPR) is presently 22.63%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Harbour Investments Inc. grew its holdings in Western Alliance Bancorporation by 400.7% during the 1st quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider's stock worth $25,000 after acquiring an additional 557 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth $28,000. State of Wyoming grew its holdings in Western Alliance Bancorporation by 54.7% during the 2nd quarter. State of Wyoming now owns 783 shares of the financial services provider's stock worth $29,000 after acquiring an additional 277 shares in the last quarter. GAMMA Investing LLC grew its holdings in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider's stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Finally, Advisory Services Network LLC grew its holdings in Western Alliance Bancorporation by 118.2% during the 1st quarter. Advisory Services Network LLC now owns 993 shares of the financial services provider's stock worth $35,000 after acquiring an additional 538 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.