Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $90.00 by Analysts at Barclays
by Mitch Edgeman · The Markets DailyWestern Alliance Bancorporation (NYSE:WAL – Get Free Report) had its price objective cut by research analysts at Barclays from $105.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Barclays‘s target price points to a potential upside of 34.27% from the company’s current price.
A number of other research firms also recently weighed in on WAL. TD Cowen downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price target on the stock. in a research note on Monday, March 9th. Citigroup decreased their price objective on Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating for the company in a report on Monday, March 9th. DA Davidson cut their target price on Western Alliance Bancorporation from $105.00 to $93.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Finally, Weiss Ratings upgraded shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, March 5th. Twelve analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $97.73.
View Our Latest Stock Report on Western Alliance Bancorporation
Western Alliance Bancorporation Stock Down 1.7%
Shares of Western Alliance Bancorporation stock traded down $1.13 during trading on Wednesday, reaching $67.03. 557,686 shares of the company traded hands, compared to its average volume of 1,369,921. The firm has a market capitalization of $7.37 billion, a PE ratio of 7.68, a P/E/G ratio of 0.59 and a beta of 1.34. Western Alliance Bancorporation has a 1-year low of $57.05 and a 1-year high of $97.23. The company has a 50 day moving average price of $86.34 and a 200-day moving average price of $84.41. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.80.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The business had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. During the same period last year, the company posted $1.95 earnings per share. The business’s quarterly revenue was up 17.0% on a year-over-year basis. As a group, equities research analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.
Institutional Trading of Western Alliance Bancorporation
Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Western Alliance Bancorporation during the second quarter valued at approximately $137,289,000. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Western Alliance Bancorporation by 36.5% in the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider’s stock worth $518,578,000 after purchasing an additional 1,599,537 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Western Alliance Bancorporation by 9.8% in the 4th 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 increased its position in shares of 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 during the last quarter. Finally, Perpetual Ltd purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at $31,072,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.
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.