Western Alliance Bancorporation (NYSE:WAL) Cut to Hold (C+) at Weiss Ratings

Weiss Ratings cut shares of Western Alliance Bancorporation (NYSE:WAL) from a buy (b-) rating to a hold (c+) rating in a report published on Friday morning,Weiss Ratings reports.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods lowered their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set an “outperform” rating on the stock in a research report on Thursday. Cowen began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Citigroup reissued a “neutral” rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Royal Bank Of Canada lifted their price target on Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Finally, TD Cowen started coverage on Western Alliance Bancorporation in a research note on Thursday, September 25th. They set a “buy” rating and a $118.00 price target for the company. Thirteen equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $101.20.

Western Alliance Bancorporation Stock Up 2.7%

Shares of WAL opened at $79.21 on Friday. The stock has a market capitalization of $8.74 billion, a PE ratio of 9.79, a P/E/G ratio of 0.55 and a beta of 1.35. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.79 and a current ratio of 0.83. The company’s 50-day simple moving average is $85.14 and its 200-day simple moving average is $79.02.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter. The business had revenue of $718.00 million for the quarter. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. Analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Thursday, August 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.9%. Western Alliance Bancorporation’s payout ratio is 18.79%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new stake in Western Alliance Bancorporation in the second quarter worth $137,289,000. Nuveen LLC acquired a new position in Western Alliance Bancorporation during the first quarter worth about $45,486,000. FJ Capital Management LLC boosted its position in shares of Western Alliance Bancorporation by 824.8% in the 1st 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 during the period. Perpetual Ltd acquired a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at $31,072,000. Finally, Invesco Ltd. boosted its position in shares of Western Alliance Bancorporation by 5.9% in the 1st quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider’s stock valued at $466,821,000 after purchasing an additional 339,758 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

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.