Western Alliance Bancorporation (NYSE:WAL) Given New $95.00 Price Target at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL) had its price objective decreased by analysts at Wells Fargo & Company from $102.00 to $95.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 16.28% from the stock’s current price.

Several other research firms have also issued reports on WAL. Truist Financial lowered their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Piper Sandler lowered their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research report on Monday, October 21st. Royal Bank of Canada set a $99.00 price objective on Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. UBS Group initiated coverage on Western Alliance Bancorporation in a research note on Tuesday, December 17th. They set a “buy” rating and a $115.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $94.31.

Western Alliance Bancorporation Stock Down 2.4 %

Western Alliance Bancorporation stock opened at $81.70 on Monday. Western Alliance Bancorporation has a 52 week low of $53.75 and a 52 week high of $98.10. The firm has a market cap of $8.99 billion, a price-to-earnings ratio of 12.61, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46. The business’s 50-day moving average price is $88.65 and its 200 day moving average price is $81.70. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently added to or reduced their stakes in WAL. State Street Corp grew its holdings in Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after buying an additional 1,418,472 shares in the last quarter. FMR LLC boosted its position in shares of Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after acquiring an additional 1,347,921 shares during the last quarter. LHM Inc. grew its holdings in shares of Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after purchasing an additional 723,995 shares during the period. Dimensional Fund Advisors LP increased its position in Western Alliance Bancorporation by 20.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after purchasing an additional 636,577 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Western Alliance Bancorporation by 6,342.7% during the third quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider’s stock worth $44,522,000 after purchasing an additional 506,778 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.