Western Alliance Bancorporation (NYSE:WAL) PT Raised to $105.00 at Wedbush

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

WAL has been the subject of a number of other reports. Piper Sandler upped their price target on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft upped their price target on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Royal Bank of Canada boosted 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 report on Monday, July 22nd. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average price target of $87.40.

Western Alliance Bancorporation Stock Down 1.4 %

Shares of Western Alliance Bancorporation stock traded down $1.19 during trading hours on Tuesday, reaching $85.14. The company’s stock had a trading volume of 585,603 shares, compared to its average volume of 1,309,300. 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 stock’s fifty day simple moving average is $78.71 and its two-hundred day simple moving average is $67.24. Western Alliance Bancorporation has a one year low of $38.81 and a one year high of $88.92. The company has a market capitalization of $9.37 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.56 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results 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 firm had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The company’s revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the company earned $1.96 earnings per share. On average, research analysts forecast that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, Director Robert P. Latta sold 2,996 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction 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 completion of the sale, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert P. Latta sold 2,996 shares of Western Alliance Bancorporation stock in a transaction dated 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 $335,634. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,265 shares of company stock worth $1,700,391. Company insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after buying an additional 395,101 shares during the last quarter. SG Americas Securities LLC grew its holdings in Western Alliance Bancorporation by 1,706.9% in 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 in the last quarter. M&G Plc grew its holdings in Western Alliance Bancorporation by 12.4% in 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 position in shares of Western Alliance Bancorporation by 166.2% during 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 purchasing an additional 20,198 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its position in shares of Western Alliance Bancorporation by 1.3% during the 2nd 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 purchasing an additional 20,254 shares during the last quarter. Hedge funds and other 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.