Stephens Reiterates Overweight Rating for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL - Get Free Report)'s stock had its "overweight" rating reissued by equities research analysts at Stephens in a report issued on Tuesday,Benzinga reports. They currently have a $103.00 price target on the financial services provider's stock. Stephens' price objective suggests a potential upside of 17.25% from the stock's current price.

A number of other research analysts have also recently commented on the stock. Barclays increased their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating for the company in a report on Monday, October 21st. Piper Sandler cut their price objective on Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating on the stock in a report on Monday, October 21st. JPMorgan Chase & Co. lowered their target price on Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an "outperform" rating in a research note on Friday, October 18th. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $97.07.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded down $1.55 during mid-day trading on Tuesday, reaching $87.84. 1,212,779 shares of the company were exchanged, compared to its average volume of 1,319,622. The company has a fifty day simple moving average of $88.07 and a 200-day simple moving average of $84.32. The firm has a market cap of $9.67 billion, a PE ratio of 12.37, a PEG ratio of 0.84 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. As a group, equities research analysts expect that Western Alliance Bancorporation will post 8.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently modified their holdings of WAL. AQR Capital Management LLC grew its holdings in shares of Western Alliance Bancorporation by 119.5% during the second quarter. AQR Capital Management LLC now owns 252,690 shares of the financial services provider's stock valued at $15,596,000 after buying an additional 137,577 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Western Alliance Bancorporation by 0.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 523,425 shares of the financial services provider's stock valued at $32,882,000 after purchasing an additional 4,801 shares during the last quarter. Creative Planning increased its holdings in Western Alliance Bancorporation by 6.1% during the 2nd quarter. Creative Planning now owns 5,756 shares of the financial services provider's stock worth $362,000 after purchasing an additional 330 shares in the last quarter. LHM Inc. raised its stake in shares of Western Alliance Bancorporation by 55.4% in the second quarter. LHM Inc. now owns 52,554 shares of the financial services provider's stock worth $3,301,000 after purchasing an additional 18,740 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $221,000. 79.15% of the stock is 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.