Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $93.00 by Analysts at Keefe, Bruyette & Woods
by Doug Wharley · The Cerbat GemWestern Alliance Bancorporation (NYSE:WAL – Get Free Report) had its price objective dropped by investment analysts at Keefe, Bruyette & Woods from $101.00 to $93.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 20.77% from the stock’s current price.
WAL has been the topic of a number of other reports. UBS Group reissued a “neutral” rating and set a $75.00 target price (down from $106.00) on shares of Western Alliance Bancorporation in a research report on Tuesday. JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 1st. Piper Sandler decreased their target price on Western Alliance Bancorporation from $108.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. iA Financial set a $101.00 target price on Western Alliance Bancorporation in a research report on Wednesday, January 28th. Finally, Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and decreased their price objective for the company from $83.00 to $79.00 in a report on Monday, March 9th. Ten equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and an average price target of $93.27.
View Our Latest Stock Report on Western Alliance Bancorporation
Western Alliance Bancorporation Stock Performance
WAL stock traded up $2.00 during trading on Thursday, reaching $77.00. 559,581 shares of the stock were exchanged, compared to its average volume of 1,365,969. Western Alliance Bancorporation has a twelve month low of $60.01 and a twelve month high of $97.23. The company has a market capitalization of $8.46 billion, a P/E ratio of 8.83, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The stock has a 50 day simple moving average of $80.43 and a 200-day simple moving average of $82.29. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last released its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. During the same period last year, the business earned $1.95 earnings per share. The firm’s revenue for the quarter was up 17.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.
Institutional Investors Weigh In On Western Alliance Bancorporation
A number of institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC boosted its holdings in Western Alliance Bancorporation by 73.2% during the fourth quarter. Hsbc Holdings PLC now owns 6,580 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 2,781 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Western Alliance Bancorporation by 8.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 260,229 shares of the financial services provider’s stock valued at $21,878,000 after acquiring an additional 19,581 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Western Alliance Bancorporation by 134.9% in the fourth quarter. Corient Private Wealth LLC now owns 39,056 shares of the financial services provider’s stock valued at $3,283,000 after acquiring an additional 22,431 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $63,000. Finally, Virtu Financial LLC bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $456,000. 79.15% of the stock is owned by institutional investors and hedge funds.
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.