Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $105.00 by Analysts at Wedbush

Western Alliance Bancorporation (NYSE:WAL) had its target price raised by equities research analysts at Wedbush from $90.00 to $105.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Wedbush’s price objective points to a potential upside of 23.33% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada increased their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Truist Financial increased their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. Barclays increased their target price on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Finally, Piper Sandler raised their price objective on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Western Alliance Bancorporation Trading Down 1.4 %

NYSE WAL traded down $1.19 during trading on Tuesday, reaching $85.14. 585,603 shares of the stock traded hands, compared to its average volume of 1,309,300. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 12.41, a price-to-earnings-growth ratio of 1.56 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $78.71 and its 200 day moving average price is $67.24.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The firm had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The business’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 EPS. Analysts predict that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares in the company, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now owns 4,056 shares of the company’s stock, valued at approximately $335,634. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at approximately $267,344. The disclosure for this sale can be found here. Insiders sold a total of 21,265 shares of company stock valued at $1,700,391 in the last ninety days. Corporate insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new position in Western Alliance Bancorporation in the second quarter valued at approximately $221,000. LHM Inc. lifted its stake in Western Alliance Bancorporation by 55.4% in the second quarter. LHM Inc. now owns 52,554 shares of the financial services provider’s stock valued at $3,301,000 after acquiring an additional 18,740 shares during the last quarter. Creative Planning lifted its stake in Western Alliance Bancorporation by 6.1% in the second quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock valued at $362,000 after acquiring an additional 330 shares during the last quarter. Algert Global LLC lifted its stake in shares of Western Alliance Bancorporation by 18.8% during the 2nd quarter. Algert Global LLC now owns 145,540 shares of the financial services provider’s stock worth $9,143,000 after buying an additional 22,989 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Western Alliance Bancorporation by 0.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 523,425 shares of the financial services provider’s stock worth $32,882,000 after buying an additional 4,801 shares during the last quarter. 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.