DA Davidson Trims Western Alliance Bancorporation (NYSE:WAL) Target Price to $78.00

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by DA Davidson from $85.00 to $78.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock. DA Davidson also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.80 EPS, FY2024 earnings at $7.50 EPS and FY2025 earnings at $8.60 EPS.

WAL has been the topic of several other research reports. Barclays began coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They issued an overweight rating and a $91.00 price target on the stock. Hovde Group began coverage on Western Alliance Bancorporation in a research note on Monday. They issued an outperform rating and a $75.00 price target on the stock. Wells Fargo & Company decreased their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Royal Bank of Canada reaffirmed an outperform rating and issued a $78.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Finally, Stephens reaffirmed an overweight rating and issued a $82.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $70.56.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $59.38 on Monday. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The firm has a market capitalization of $6.54 billion, a PE ratio of 8.66 and a beta of 1.47. The business’s 50 day moving average is $59.41 and its 200-day moving average is $56.84. 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 (NYSE:WAL) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same quarter last year, the firm earned $2.30 EPS. Sell-side analysts predict that Western Alliance Bancorporation will post 7.83 earnings per share for the current 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 given a dividend of $0.37 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.49%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the company. Smead Capital Management Inc. bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at about $77,957,000. Barclays PLC increased its holdings in Western Alliance Bancorporation by 489.0% in the third quarter. Barclays PLC now owns 1,333,881 shares of the financial services provider’s stock valued at $61,320,000 after purchasing an additional 1,107,431 shares during the last quarter. Norges Bank bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at about $67,758,000. Vaughan Nelson Investment Management L.P. increased its holdings in Western Alliance Bancorporation by 103.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after purchasing an additional 876,413 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Western Alliance Bancorporation by 50.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after purchasing an additional 824,636 shares during the last quarter. 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.