Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $94.00 at Piper Sandler

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by investment analysts at Piper Sandler from $108.00 to $94.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 33.47% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. TD Cowen lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price objective for the company. in a report on Monday, March 9th. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. Citigroup lowered their price target on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Finally, Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and an average price target of $95.13.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $70.43 on Thursday. The company has a 50-day moving average price of $82.03 and a 200-day moving average price of $82.87. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $97.23. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $7.74 billion, a P/E ratio of 8.08, a PEG ratio of 0.61 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.40 by $0.19. The firm had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company’s revenue was up 17.0% on a year-over-year basis. During the same period last year, the firm earned $1.95 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors have recently made changes to their positions in the stock. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Western Alliance Bancorporation by 36.5% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock valued at $518,578,000 after buying an additional 1,599,537 shares during the period. Norges Bank acquired a new position in shares of Western Alliance Bancorporation during the fourth quarter worth $125,482,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Western Alliance Bancorporation by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after purchasing an additional 777,369 shares during the period. AQR Capital Management LLC grew its holdings in Western Alliance Bancorporation by 2,331.6% during the 4th quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider’s stock valued at $40,817,000 after purchasing an additional 465,541 shares in the last quarter. Finally, Perpetual Ltd purchased a new stake in Western Alliance Bancorporation during the 3rd quarter worth $31,072,000. 79.15% of the stock is owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

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.