Western Alliance Bancorporation (NYSE:WAL) Stock Price Down 2.6% - Should You Sell?

Western Alliance Bancorporation (NYSE:WAL - Get Free Report)'s stock price dropped 2.6% on Tuesday . The stock traded as low as $63.02 and last traded at $63.20. Approximately 156,187 shares were traded during trading, a decline of 88% from the average daily volume of 1,282,684 shares. The stock had previously closed at $64.88.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WAL. Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. DA Davidson dropped their price objective on Western Alliance Bancorporation from $110.00 to $106.00 and set a "buy" rating on the stock in a research note on Wednesday, January 29th. Barclays lowered their target price on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, StockNews.com raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Tuesday, February 25th. Two research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $95.67.

Western Alliance Bancorporation Price Performance

The stock has a fifty day moving average of $76.18 and a 200 day moving average of $83.76. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 9.17, a P/E/G ratio of 0.63 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.01. The firm had revenue of $790.10 million during the quarter, compared to analysts' expectations of $792.25 million. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. During the same quarter last year, the company posted $1.72 earnings per share. On average, analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 28th. Shareholders of record on Friday, February 14th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation's payout ratio is presently 21.41%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors have recently made changes to their positions in WAL. TTP Investments Inc. acquired a new stake in Western Alliance Bancorporation during the first quarter valued at $583,000. State of Alaska Department of Revenue raised its holdings in Western Alliance Bancorporation by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 12,780 shares of the financial services provider's stock worth $981,000 after purchasing an additional 340 shares during the period. Vicus Capital boosted its position in Western Alliance Bancorporation by 18.6% during the first quarter. Vicus Capital now owns 2,850 shares of the financial services provider's stock worth $219,000 after purchasing an additional 446 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Western Alliance Bancorporation by 22.6% in the first quarter. Janney Montgomery Scott LLC now owns 4,380 shares of the financial services provider's stock valued at $337,000 after purchasing an additional 808 shares during the period. Finally, Exchange Traded Concepts LLC increased its position in shares of Western Alliance Bancorporation by 3.4% in the first quarter. Exchange Traded Concepts LLC now owns 15,567 shares of the financial services provider's stock valued at $1,196,000 after buying an additional 518 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.

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