Western Alliance Bancorporation (NYSE:WAL) Price Target Increased to $92.00 by Analysts at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by Wells Fargo & Company from $85.00 to $92.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 9.85% from the company’s previous close.

A number of other equities analysts have also commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Truist Financial upped their price objective on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 20th. JPMorgan Chase & Co. increased their price objective on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Finally, Jefferies Financial Group boosted their target price on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.87.

Western Alliance Bancorporation Trading Down 3.2 %

NYSE:WAL traded down $2.74 during mid-day trading on Tuesday, hitting $83.75. 1,054,568 shares of the company’s stock were exchanged, compared to its average volume of 1,304,272. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The company has a 50 day simple moving average of $79.80 and a 200-day simple moving average of $68.18. The firm has a market capitalization of $9.22 billion, a P/E ratio of 12.22, a PEG ratio of 1.62 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. The company had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. Western Alliance Bancorporation’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 earnings per share. As a group, research analysts expect that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The disclosure for this sale can be found here. Insiders have sold 21,265 shares of company stock worth $1,700,391 in the last 90 days. Insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WAL. Sanctuary Advisors LLC purchased a new position in shares of Western Alliance Bancorporation in the second quarter valued at $221,000. LHM Inc. boosted its stake in Western Alliance Bancorporation by 55.4% in the 2nd quarter. LHM Inc. now owns 52,554 shares of the financial services provider’s stock worth $3,301,000 after purchasing an additional 18,740 shares during the period. Creative Planning grew its holdings in Western Alliance Bancorporation by 6.1% during the 2nd quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock valued at $362,000 after buying an additional 330 shares in the last quarter. Algert Global LLC raised its position 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 valued at $9,143,000 after buying an additional 22,989 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Western Alliance Bancorporation by 0.9% during the second quarter. The Manufacturers Life Insurance Company now owns 523,425 shares of the financial services provider’s stock valued at $32,882,000 after purchasing an additional 4,801 shares in the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.