Royal Bank of Canada Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $76.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective decreased by Royal Bank of Canada from $78.00 to $76.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 27.07% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Wedbush cut their price objective on Western Alliance Bancorporation from $75.00 to $70.00 and set an “outperform” rating for the company in a report on Friday, April 19th. Jefferies Financial Group reduced their price target on shares of 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. 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 report on Monday, January 29th. Barclays assumed coverage on Western Alliance Bancorporation in a report on Friday, March 8th. They issued an “overweight” rating and a $91.00 target price on the stock. Finally, Hovde Group started coverage on Western Alliance Bancorporation in a report on Monday. They set an “outperform” rating and a $75.00 price target for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $70.56.

Western Alliance Bancorporation Price Performance

NYSE 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 stock has a market capitalization of $6.59 billion, a PE ratio of 8.72 and a beta of 1.47. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The company has a 50 day moving average price of $59.43 and a two-hundred day moving average price of $56.82.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates 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 in the previous year, the business earned $2.30 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $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 purchasing an additional 183 shares during the period. Parkside Financial Bank & Trust increased its stake in Western Alliance Bancorporation by 422.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock valued at $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 $65,000. Finally, Fortitude Family Office LLC bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at $93,000. 79.15% of the stock is owned by institutional investors.

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.