Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $75.00

Western Alliance Bancorporation (NYSE:WAL) had its target price dropped by equities researchers at Truist Financial from $80.00 to $75.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 25.40% from the stock’s current price.

WAL has been the subject of a number of other reports. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. JPMorgan Chase & Co. lowered their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Keefe, Bruyette & Woods dropped their target price on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating on the stock in a report on Monday. DA Davidson decreased their price target on Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a report on Monday. Finally, Citigroup raised their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $70.56.

Western Alliance Bancorporation Price Performance

Shares of WAL stock opened at $59.81 on Monday. The stock’s 50-day moving average is $59.43 and its 200 day moving average is $56.82. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. The company has a market cap of $6.59 billion, a P/E ratio of 8.72 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly 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. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same quarter last year, the company posted $2.30 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its holdings in Western Alliance Bancorporation by 57.4% in the first 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 during the last quarter. Riverwater Partners LLC increased its holdings in Western Alliance Bancorporation by 0.7% in the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after buying an additional 211 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in Western Alliance Bancorporation by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after buying an additional 240 shares during the last quarter. Madison Asset Management LLC increased its holdings in Western Alliance Bancorporation by 0.4% in the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after buying an additional 297 shares during the last quarter. Finally, Peapack Gladstone Financial Corp increased its holdings in Western Alliance Bancorporation by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after buying an additional 303 shares during the last quarter. Institutional investors and hedge funds 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.