Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $86.00 by Analysts at Barclays

Western Alliance Bancorporation (NYSE:WAL) had its price target dropped by research analysts at Barclays from $91.00 to $86.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 44.83% from the stock’s current price.

Several other brokerages have also issued reports on WAL. Wells Fargo & Company dropped their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. Truist Financial cut their target price on Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Monday. Citigroup lifted their price target 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. Hovde Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Monday. They issued an “outperform” rating and a $75.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research report on Monday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $59.38 on Tuesday. The business has a 50-day simple moving average of $59.41 and a 200 day simple moving average of $56.84. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 8.66 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 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 in the previous year, the company earned $2.30 EPS. On average, research analysts forecast that Western Alliance Bancorporation will post 7.83 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. WCM Investment Management LLC purchased a new stake in Western Alliance Bancorporation during the 4th quarter valued at $12,387,000. Smead Capital Management Inc. purchased a new stake in Western Alliance Bancorporation during the fourth quarter valued at $77,957,000. Strs Ohio boosted its position in Western Alliance Bancorporation by 35.3% in the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock worth $5,697,000 after purchasing an additional 22,600 shares during the last quarter. Invesco Ltd. grew its stake in shares of Western Alliance Bancorporation by 170.4% during the 3rd quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock valued at $59,507,000 after purchasing an additional 815,737 shares during the period. Finally, Dark Forest Capital Management LP increased its position in shares of Western Alliance Bancorporation by 16.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock valued at $551,000 after purchasing an additional 1,713 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.