Western Alliance Bancorporation (NYSE:WAL) Stock Price Down 2.6% - Here's What Happened

Western Alliance Bancorporation (NYSE:WAL - Get Free Report)'s share price traded down 2.6% during trading on Tuesday . The company traded as low as $63.02 and last traded at $63.20. 156,187 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 1,282,684 shares. The stock had previously closed at $64.88.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 7th. StockNews.com raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday, February 25th. Piper Sandler boosted their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Barclays dropped their price target on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, DA Davidson lowered their price objective on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $96.62.

Western Alliance Bancorporation Trading Down 1.5 %

The company has a market capitalization of $7.70 billion, a PE ratio of 9.82, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock's fifty day moving average price is $74.54 and its two-hundred day moving average price is $83.32.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.01. The firm had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. During the same quarter in the previous year, the firm posted $1.72 EPS. Sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Stockholders of record on Friday, February 14th were given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Friday, February 14th. Western Alliance Bancorporation's dividend payout ratio is presently 20.85%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently made changes to their positions in WAL. Price T Rowe Associates Inc. MD boosted its stake in Western Alliance Bancorporation by 2.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,968,526 shares of the financial services provider's stock worth $498,612,000 after purchasing an additional 154,575 shares in the last quarter. Invesco Ltd. grew its position in Western Alliance Bancorporation by 5.1% in the 4th quarter. Invesco Ltd. now owns 5,736,263 shares of the financial services provider's stock worth $479,207,000 after purchasing an additional 278,041 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Western Alliance Bancorporation by 0.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,577,760 shares of the financial services provider's stock valued at $298,887,000 after acquiring an additional 22,942 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Western Alliance Bancorporation by 23.5% in the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock worth $195,616,000 after purchasing an additional 445,176 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in shares of Western Alliance Bancorporation by 1.3% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,909,003 shares of the financial services provider's stock worth $146,668,000 after acquiring an additional 25,260 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Company Profile

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.