Western Alliance Bancorporation (NYSE:WAL) Given New $85.00 Price Target at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL - Free Report) had its price objective lowered by Wells Fargo & Company from $90.00 to $85.00 in a report issued on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the financial services provider's stock.

A number of other research firms have also weighed in on WAL. DA Davidson dropped their target price on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Stephens restated an "overweight" rating and issued a $92.00 target price on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. Citigroup increased their price target on Western Alliance Bancorporation from $91.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. increased their price target on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada decreased their price target on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $96.62.

Western Alliance Bancorporation Stock Up 0.1%

NYSE:WAL traded up $0.08 on Monday, hitting $83.62. The stock had a trading volume of 511,256 shares, compared to its average volume of 1,130,328. The business's fifty day moving average is $77.22 and its 200 day moving average is $78.24. The company has a market cap of $9.23 billion, a PE ratio of 10.99, a P/E/G ratio of 0.56 and a beta of 1.29. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same quarter last year, the company earned $1.75 earnings per share. On average, equities research analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Thursday, May 15th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 19.97%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at $109,298,000. Barrow Hanley Mewhinney & Strauss LLC grew its position 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 valued at $151,604,000 after purchasing an additional 648,983 shares in the last quarter. Nuveen LLC purchased a new position in shares of Western Alliance Bancorporation in the first quarter valued at $45,486,000. Janus Henderson Group PLC grew its position in shares of Western Alliance Bancorporation by 23.5% in the fourth 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 in the last quarter. Finally, FJ Capital Management LLC grew its position in shares of Western Alliance Bancorporation by 824.8% in the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider's stock valued at $33,998,000 after purchasing an additional 394,660 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.