Wells Fargo & Company Issues Pessimistic Forecast for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL) had its price objective decreased by equities researchers at Wells Fargo & Company from $95.00 to $80.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 18.62% from the company’s previous close.

A number of other equities analysts also recently issued reports on the company. Piper Sandler increased their target price on Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. DA Davidson reduced their target price on Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. UBS Group began coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They set a “buy” rating and a $115.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, StockNews.com upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Tuesday, February 25th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $96.40.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL traded up $6.44 during mid-day trading on Wednesday, hitting $67.44. 2,060,906 shares of the company were exchanged, compared to its average volume of 1,203,940. The stock has a 50 day simple moving average of $80.68 and a 200-day simple moving average of $85.09. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The firm has a market cap of $7.45 billion, a price-to-earnings ratio of 9.50, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, topping the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently modified their holdings of WAL. Ashton Thomas Private Wealth LLC grew its stake in Western Alliance Bancorporation by 3.8% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 3,114 shares of the financial services provider’s stock worth $260,000 after buying an additional 114 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 117 shares in the last quarter. Fifth Third Bancorp boosted its position in Western Alliance Bancorporation by 70.1% during the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 136 shares during the period. Versant Capital Management Inc increased its holdings in Western Alliance Bancorporation by 13.4% in the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 157 shares in the last quarter. Finally, MidWestOne Financial Group Inc. raised its position in Western Alliance Bancorporation by 0.6% in the fourth quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider’s stock valued at $2,226,000 after purchasing an additional 160 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

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.