Western Alliance Bancorporation (NYSE:WAL) Cut to “Sell” at StockNews.com

StockNews.com downgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a hold rating to a sell rating in a research note published on Saturday.

A number of other equities research analysts have also commented on the company. Wells Fargo & Company dropped 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 report on Wednesday, April 10th. Barclays reduced their price target on shares of Western Alliance Bancorporation from $91.00 to $86.00 and set an overweight rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday, April 4th. Keefe, Bruyette & Woods lowered their target price on Western Alliance Bancorporation from $79.00 to $74.00 and set an outperform rating for the company in a report on Monday, April 22nd. Finally, Wedbush restated an outperform rating and issued a $70.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation has a consensus rating of Moderate Buy and an average price target of $74.71.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $64.17 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $7.07 billion, a P/E ratio of 9.35, a PEG ratio of 1.19 and a beta of 1.46. The business has a 50-day moving average of $61.17 and a 200-day moving average of $61.35. Western Alliance Bancorporation has a 1 year low of $35.67 and a 1 year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results 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 net margin of 16.50% and a return on equity of 14.77%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same period last year, the business posted $2.30 earnings per share. On average, equities analysts anticipate that Western Alliance Bancorporation will post 7.42 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were given a dividend of $0.37 per share. The ex-dividend date was Wednesday, May 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.31%. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the transaction, the chief accounting officer now owns 5,636 shares in the company, valued at $361,831.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently modified their holdings of the business. First Hawaiian Bank acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth approximately $474,000. Bright Futures Wealth Management LLC. acquired a new position in shares of Western Alliance Bancorporation during the first quarter valued at about $909,000. Westwood Holdings Group Inc. boosted its position in shares of Western Alliance Bancorporation by 51.8% during the 1st quarter. Westwood Holdings Group Inc. now owns 333,204 shares of the financial services provider’s stock worth $21,388,000 after purchasing an additional 113,727 shares in the last quarter. Plato Investment Management Ltd grew its stake in shares of Western Alliance Bancorporation by 246.1% in the 1st quarter. Plato Investment Management Ltd now owns 1,883 shares of the financial services provider’s stock valued at $121,000 after buying an additional 1,339 shares during the period. Finally, Black Maple Capital Management LP bought a new stake in Western Alliance Bancorporation in the 1st quarter valued at about $4,018,000. Institutional investors and hedge funds 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.