Western Alliance Bancorporation (NYSE:WAL) PT Raised to $92.00 at Wells Fargo & Company

Western Alliance Bancorporation (NYSE:WAL) had its target price raised by analysts at 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 would indicate a potential upside of 9.85% from the stock’s previous close.

WAL has been the subject of a number of other research reports. JPMorgan Chase & Co. raised their price objective on Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Wedbush upped their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Jefferies Financial Group increased their price objective on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Piper Sandler lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Finally, StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $87.87.

Western Alliance Bancorporation Trading Down 3.2 %

Shares of NYSE WAL traded down $2.74 during trading hours on Tuesday, hitting $83.75. The company’s stock had a trading volume of 1,054,568 shares, compared to its average volume of 1,304,272. Western Alliance Bancorporation has a 12 month low of $38.81 and a 12 month high of $88.92. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 1.62 and a beta of 1.44. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. The business has a 50-day simple moving average of $79.80 and a 200-day simple moving average of $68.18.

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

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Stephen Russell Curley sold 5,070 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the sale, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the transaction, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 value of $160,710.20. Following the completion of the transaction, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. 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 ninety days. 2.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WAL. Vanguard Group Inc. boosted its stake in Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after purchasing an additional 395,101 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Western Alliance Bancorporation by 1,706.9% during the 1st quarter. SG Americas Securities LLC now owns 30,898 shares of the financial services provider’s stock valued at $1,983,000 after buying an additional 29,188 shares during the last quarter. M&G Plc lifted its position in shares of Western Alliance Bancorporation by 12.4% during the 2nd quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock valued at $8,421,000 after buying an additional 14,734 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in Western Alliance Bancorporation by 166.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 32,349 shares of the financial services provider’s stock worth $2,128,000 after acquiring an additional 20,198 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Western Alliance Bancorporation by 1.3% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock worth $102,603,000 after acquiring an additional 20,254 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.