Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $93.00

Western Alliance Bancorporation (NYSE:WAL) had its target price upped by Truist Financial from $90.00 to $93.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on WAL. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. TD Cowen increased their price objective on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a research report on Monday. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a report on Friday, July 24th. DA Davidson set a $36.00 price objective on shares of Western Alliance Bancorporation in a research report on Wednesday, July 22nd. Finally, Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.82.

Western Alliance Bancorporation Trading Down 3.8%

NYSE WAL opened at $80.50 on Monday. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.80. The firm has a market cap of $8.79 billion, a P/E ratio of 9.07, a P/E/G ratio of 0.80 and a beta of 1.34. The stock’s 50-day moving average is $80.91 and its 200-day moving average is $81.04.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same period in the previous year, the firm earned $2.07 EPS. Western Alliance Bancorporation’s quarterly revenue was up 17.7% compared to the same quarter last year. Sell-side analysts anticipate that Western Alliance Bancorporation will post 9.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.76% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in WAL. Handelsbanken Fonder AB increased its stake in Western Alliance Bancorporation by 11.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 33,760 shares of the financial services provider’s stock valued at $2,775,000 after buying an additional 3,600 shares during the last quarter. GAMMA Investing LLC lifted its position in Western Alliance Bancorporation by 10.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,734 shares of the financial services provider’s stock worth $225,000 after buying an additional 264 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of Western Alliance Bancorporation by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 10,611 shares of the financial services provider’s stock worth $752,000 after buying an additional 1,149 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Western Alliance Bancorporation by 46.0% during the 1st quarter. Bank of America Corp DE now owns 287,109 shares of the financial services provider’s stock worth $20,342,000 after buying an additional 90,498 shares during the last quarter. Finally, Arkadios Wealth Advisors grew its holdings in shares of Western Alliance Bancorporation by 8.1% in the 1st quarter. Arkadios Wealth Advisors now owns 8,795 shares of the financial services provider’s stock valued at $623,000 after acquiring an additional 661 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.