Western Alliance Bancorporation (NYSE:WAL) Short Interest Down 18.9% in March

Western Alliance Bancorporation (NYSE:WAL) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 4,250,000 shares, a drop of 18.9% from the March 15th total of 5,240,000 shares. Approximately 4.0% of the shares of the company are short sold. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is currently 3.2 days.

Western Alliance Bancorporation Stock Down 1.4 %

WAL traded down $0.92 on Monday, reaching $65.40. 1,184,148 shares of the company traded hands, compared to its average volume of 1,208,149. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 52-week low of $56.70 and a 52-week high of $98.10. The stock’s 50 day moving average price is $76.59 and its 200-day moving average price is $83.89. The company has a market cap of $7.22 billion, a price-to-earnings ratio of 9.21, a PEG ratio of 0.63 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.01). Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. During the same quarter last year, the company earned $1.72 EPS. On average, sell-side analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.41%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WAL shares. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $95.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Piper Sandler upped their target price on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Stephens restated an “overweight” rating and issued a $103.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, January 28th. Barclays reduced their price target on Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.40.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. bought a new stake in Western Alliance Bancorporation during the 4th quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its position in Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 117 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of Western Alliance Bancorporation by 70.1% in the fourth quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider’s stock valued at $28,000 after buying an additional 136 shares during the period. Allworth Financial LP grew its position in Western Alliance Bancorporation by 115.6% during the fourth quarter. Allworth Financial LP now owns 401 shares of the financial services provider’s stock worth $37,000 after buying an additional 215 shares in the last quarter. Finally, Atala Financial Inc acquired a new position in Western Alliance Bancorporation in the 4th quarter valued at approximately $44,000. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.