Western Alliance Bancorporation (NYSE:WAL) Shares Down 6.6% – Here’s What Happened

Western Alliance Bancorporation (NYSE:WAL)’s share price fell 6.6% during trading on Monday . The stock traded as low as $76.60 and last traded at $76.4750. 678,705 shares were traded during mid-day trading, a decline of 46% from the average session volume of 1,267,646 shares. The stock had previously closed at $81.90.

Wall Street Analysts Forecast Growth

WAL has been the topic of several recent research reports. Weiss Ratings cut shares of Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. Piper Sandler cut their target price on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. UBS Group raised their target price on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. iA Financial set a $101.00 price target on Western Alliance Bancorporation in a report on Wednesday, January 28th. Finally, TD Cowen downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price objective for the company. in a research report on Monday, March 9th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $93.14.

Western Alliance Bancorporation Stock Performance

The firm’s fifty day simple moving average is $75.50 and its 200 day simple moving average is $81.73. The company has a market capitalization of $8.37 billion, a price-to-earnings ratio of 8.97, a PEG ratio of 0.62 and a beta of 1.37. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.85 and a quick ratio of 0.80.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. The business had revenue of $968.40 million for the quarter, compared to analyst estimates of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The firm’s revenue was up 31.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.79 earnings per share. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.92 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 14th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, May 14th. Western Alliance Bancorporation’s payout ratio is 19.56%.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently modified their holdings of the business. Quent Capital LLC purchased a new position in shares of Western Alliance Bancorporation during the third quarter valued at $26,000. Root Financial Partners LLC acquired a new stake in Western Alliance Bancorporation during the 3rd quarter worth about $27,000. Clearstead Advisors LLC grew its stake in Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 243 shares in the last quarter. Community Bank N.A. acquired a new position in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $37,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.