Wedbush Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $70.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective reduced by equities researchers at Wedbush from $75.00 to $70.00 in a report released on Friday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Wedbush’s price target indicates a potential upside of 25.49% from the company’s current price.

A number of other equities analysts have also recently weighed in on WAL. DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Wells Fargo & Company lowered their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. JPMorgan Chase & Co. lowered their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, April 9th. Finally, Truist Financial reiterated a “buy” rating and set a $80.00 price target on shares of Western Alliance Bancorporation in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average price target of $67.60.

Western Alliance Bancorporation Stock Up 0.5 %

Shares of WAL opened at $55.78 on Friday. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23. The company has a market capitalization of $6.15 billion, a PE ratio of 8.53 and a beta of 1.47. The stock has a fifty day simple moving average of $59.58 and a two-hundred day simple moving average of $56.32. 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 issued its 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. Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. During the same period in the prior year, the firm posted $2.30 earnings per share. As a group, equities analysts forecast that Western Alliance Bancorporation will post 7.88 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Guggenheim Capital LLC boosted its stake in shares of Western Alliance Bancorporation by 3.2% in the 1st quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock valued at $400,000 after buying an additional 151 shares during the period. GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Utah Retirement Systems raised its position in shares of Western Alliance Bancorporation by 1.1% during the 1st quarter. Utah Retirement Systems now owns 18,511 shares of the financial services provider’s stock worth $1,534,000 after acquiring an additional 200 shares in the last quarter. Riverwater Partners LLC raised its position in shares of Western Alliance Bancorporation by 0.7% during the 4th quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock worth $1,920,000 after acquiring an additional 211 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in shares of Western Alliance Bancorporation by 33.8% during the 2nd quarter. Harbour Investments Inc. now owns 931 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors 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.