Wells Fargo & Company Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $65.00

Western Alliance Bancorporation (NYSE:WAL – Get Rating) had its price objective lowered by Wells Fargo & Company from $90.00 to $65.00 in a research report released on Tuesday, The Fly reports.

Other analysts have also recently issued reports about the company. Wedbush reaffirmed a neutral rating and issued a $80.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday. Stephens lifted their price target on Western Alliance Bancorporation from $80.00 to $86.00 in a report on Thursday, January 26th. TheStreet raised Western Alliance Bancorporation from a c+ rating to a b rating in a report on Thursday, February 2nd. StockNews.com raised Western Alliance Bancorporation from a sell rating to a hold rating in a report on Monday, February 27th. Finally, JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $89.00 to $65.00 and set a neutral rating for the company in a report on Tuesday, December 13th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $84.88.

Western Alliance Bancorporation Stock Up 14.4 %

NYSE:WAL opened at $29.87 on Tuesday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.98 and a current ratio of 1.00. The company has a market cap of $3.27 billion, a PE ratio of 3.08, a PEG ratio of 0.46 and a beta of 1.44. Western Alliance Bancorporation has a 52-week low of $7.46 and a 52-week high of $89.26. The stock has a 50-day simple moving average of $68.91 and a 200 day simple moving average of $67.59.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last posted its quarterly earnings results on Wednesday, January 25th. The financial services provider reported $2.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.67. The firm had revenue of $701.20 million during the quarter, compared to the consensus estimate of $733.13 million. Western Alliance Bancorporation had a return on equity of 22.00% and a net margin of 34.94%. The business’s revenue was up 25.0% compared to the same quarter last year. During the same period last year, the company earned $2.32 earnings per share. On average, sell-side analysts expect that Western Alliance Bancorporation will post 10.34 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 3rd. Stockholders of record on Friday, February 17th were paid a $0.36 dividend. The ex-dividend date was Thursday, February 16th. This represents a $1.44 annualized dividend and a dividend yield of 4.82%. Western Alliance Bancorporation’s payout ratio is 14.85%.

Insider Activity

In related news, insider Tim R. Bruckner sold 1,750 shares of the business’s stock in a transaction on Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total transaction of $128,030.00. Following the sale, the insider now owns 20,244 shares in the company, valued at approximately $1,481,051.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.57% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its stake in shares of Western Alliance Bancorporation by 7.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 5,640 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 391 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Western Alliance Bancorporation by 1.9% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 33,790 shares of the financial services provider’s stock valued at $2,013,000 after acquiring an additional 637 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Western Alliance Bancorporation by 10.8% during the fourth quarter. Alliancebernstein L.P. now owns 122,158 shares of the financial services provider’s stock worth $7,276,000 after acquiring an additional 11,940 shares in the last quarter. Point72 Middle East FZE purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $109,000. Finally, CI Private Wealth LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $1,554,000. Institutional investors own 84.68% of the company’s stock.

Western Alliance Bancorporation Company Profile

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.