Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $78.00

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by analysts at DA Davidson from $85.00 to $78.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective would indicate a potential upside of 30.41% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $78.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Wedbush lowered their target price on Western Alliance Bancorporation from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, April 19th. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. Finally, Stephens reissued an “overweight” rating and issued a $82.00 price target on shares of Western Alliance Bancorporation in a report on Friday, April 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $70.56.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $59.81 on Monday. The business has a fifty day moving average of $59.43 and a 200 day moving average of $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 firm has a market capitalization of $6.59 billion, a price-to-earnings ratio of 8.72 and a beta of 1.47.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC purchased a new position in Western Alliance Bancorporation in the 1st quarter valued at $27,000. GAMMA Investing LLC lifted its stake in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares in the last quarter. Parkside Financial Bank & Trust boosted its position 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 acquiring an additional 760 shares during the last quarter. Rakuten Securities Inc. purchased a new stake in Western Alliance Bancorporation during the 4th quarter valued at about $65,000. Finally, Fortitude Family Office LLC acquired a new stake in Western Alliance Bancorporation in the 4th quarter valued at about $93,000. 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.