Wells Fargo & Company Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $95.00

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by Wells Fargo & Company from $102.00 to $95.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 10.99% from the company’s current price.

Other equities analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $83.00 to $101.00 in a research report on Monday, October 7th. Stephens reissued an “overweight” rating and issued a $102.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Truist Financial lowered their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Piper Sandler reduced their price objective on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Finally, Wedbush raised their target price on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $94.31.

Western Alliance Bancorporation Stock Performance

WAL stock traded up $1.19 during mid-day trading on Monday, reaching $85.59. The company had a trading volume of 82,670 shares, compared to its average volume of 520,942. Western Alliance Bancorporation has a one year low of $53.75 and a one year high of $98.10. The stock has a market capitalization of $9.42 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.41 and a beta of 1.46. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. The stock’s 50-day simple moving average is $88.71 and its two-hundred day simple moving average is $81.37.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Research analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently bought and sold shares of the business. State Street Corp increased its holdings in shares of Western Alliance Bancorporation by 46.2% in the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock valued at $388,197,000 after purchasing an additional 1,418,472 shares during the period. Dimensional Fund Advisors LP increased its stake in Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock valued at $233,832,000 after buying an additional 636,577 shares during the period. William Blair Investment Management LLC lifted its position in Western Alliance Bancorporation by 0.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock worth $176,764,000 after buying an additional 20,876 shares in the last quarter. FMR LLC boosted its stake in shares of Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after buying an additional 1,347,921 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in shares of Western Alliance Bancorporation by 4.1% during the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock valued at $164,019,000 after acquiring an additional 74,956 shares in the last quarter. 79.15% of the stock is 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.