Western Alliance Bancorporation (NYSE:WAL) Trading Down 4.5% on Analyst Downgrade

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) shares were down 4.5% on Monday after Piper Sandler lowered their price target on the stock from $102.00 to $101.00. Piper Sandler currently has an overweight rating on the stock. Western Alliance Bancorporation traded as low as $81.66 and last traded at $81.71. Approximately 456,914 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 1,308,088 shares. The stock had previously closed at $85.53.

Other equities research analysts have also recently issued reports about the company. Stephens reiterated an "overweight" rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a report on Friday. Truist Financial lowered their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a report on Monday. Jefferies Financial Group boosted their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a "buy" rating in a research report on Wednesday, July 3rd. Wells Fargo & Company lifted their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an "equal weight" rating in a research note on Tuesday, October 1st. Finally, Bank of America raised their price target on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and an average target price of $91.73.

Insider Transactions at Western Alliance Bancorporation

In other news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the transaction, the director now directly owns 4,056 shares of the company's stock, valued at approximately $335,634. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the transaction, the director now owns 4,056 shares in the company, valued at approximately $335,634. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stephen Russell Curley sold 5,070 shares of the company's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total transaction of $387,500.10. Following the transaction, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,149 shares of company stock worth $1,539,681. Company insiders own 2.75% of the company's stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation in the 1st quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth about $31,000. GAMMA Investing LLC grew its holdings in shares of Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider's stock worth $32,000 after buying an additional 183 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $33,000. Finally, ORG Partners LLC acquired a new stake in Western Alliance Bancorporation during the second quarter worth approximately $36,000. Institutional investors and hedge funds own 79.15% of the company's stock.

Western Alliance Bancorporation Price Performance

The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 12.58, a P/E/G ratio of 1.30 and a beta of 1.44. The company has a fifty day simple moving average of $82.58 and a two-hundred day simple moving average of $70.65. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.42% and a net margin of 14.66%. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same period in the prior year, the business posted $1.96 earnings per share. The firm's revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.39 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.84%. Western Alliance Bancorporation's payout ratio is 22.84%.

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.