Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $74.00

Western Alliance Bancorporation (NYSE:WAL) had its target price dropped by research analysts at Keefe, Bruyette & Woods from $79.00 to $74.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 23.73% from the company’s current price.

Several other research analysts also recently issued reports on WAL. Wells Fargo & Company cut their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Barclays began coverage on shares of Western Alliance Bancorporation in a report on Friday, March 8th. They set an “overweight” rating and a $91.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $78.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. Finally, Jefferies Financial Group cut their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Western Alliance Bancorporation Stock Up 1.9 %

WAL opened at $59.81 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The business has a 50 day moving average price of $59.43 and a two-hundred day moving average price of $56.82. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23. The company has a market cap of $6.59 billion, a PE ratio of 8.72 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same period in the prior year, the business posted $2.30 EPS. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in Western Alliance Bancorporation in the first quarter worth $27,000. GAMMA Investing LLC grew its position in Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Western Alliance Bancorporation by 422.2% during the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 760 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation during the fourth quarter worth about $65,000. Finally, Fortitude Family Office LLC bought a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $93,000. Institutional investors own 79.15% of the company’s stock.

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.