Truist Financial Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $100.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective increased by research analysts at Truist Financial from $88.00 to $100.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 14.40% from the company’s previous close.

WAL has been the subject of several other research reports. Royal Bank of Canada upped their price objective on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Jefferies Financial Group increased their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Wells Fargo & Company boosted their price objective on Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Piper Sandler raised their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and a consensus target price of $85.07.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock traded down $1.00 on Friday, hitting $87.41. The company’s stock had a trading volume of 1,335,352 shares, compared to its average volume of 1,227,536. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 1.56 and a beta of 1.44. The firm has a fifty day moving average price of $77.97 and a 200-day moving average price of $66.73. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. Western Alliance Bancorporation has a 1 year low of $38.81 and a 1 year high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter last year, the company earned $1.96 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.4 earnings per share for the current fiscal year.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The sale was disclosed in a legal filing 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 that occurred 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 transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. The disclosure for this sale can be found here. In the last three months, insiders sold 21,265 shares of company stock valued at $1,700,391. Insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of WAL. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter valued at approximately $27,000. GAMMA Investing LLC boosted its stake in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares in the last quarter. ORG Partners LLC acquired a new position in Western Alliance Bancorporation during the second quarter worth $36,000. Chilton Capital Management LLC purchased a new position in Western Alliance Bancorporation in the second quarter worth $54,000. Finally, Versant Capital Management Inc lifted its holdings in Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 244 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.