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

Shares of Western Alliance Bancorporation (NYSE:WAL) dropped 4.5% during mid-day trading 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 changed hands 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.

Several other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $101.00 in a research note on Monday, October 7th. Jefferies Financial Group raised their price objective on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Bank of America boosted their target price on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Wells Fargo & Company increased their price target on Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Western Alliance Bancorporation from $107.00 to $105.00 and set an “overweight” rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.73.

Insider Buying and Selling

In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the transaction, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares in the company, valued at $335,634. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,149 shares of company stock valued at $1,539,681. 2.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter valued at approximately $27,000. V Square Quantitative Management LLC acquired a new position in Western Alliance Bancorporation during the third quarter worth $31,000. GAMMA Investing LLC raised its stake in 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 acquiring an additional 183 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of Western Alliance Bancorporation during the third quarter valued at $33,000. Finally, ORG Partners LLC acquired a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at $36,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Trading Down 4.3 %

The firm has a market cap of $9.01 billion, a P/E ratio of 12.58, a price-to-earnings-growth ratio of 1.30 and a beta of 1.44. The company’s fifty day moving average price is $82.58 and its two-hundred day moving average price is $70.65. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data 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. The company had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.42%. The company’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted $1.96 earnings per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 7.39 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.81%. Western Alliance Bancorporation’s dividend 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.