Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price target dropped by investment analysts at Wells Fargo & Company from $95.00 to $80.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm 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 26.84% from the stock's previous close.
WAL has been the subject of several other reports. 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. Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. UBS Group started coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, December 17th. They set a "buy" rating and a $115.00 target price on the stock. DA Davidson lowered their price target on shares of Western Alliance Bancorporation from $110.00 to $106.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. Finally, StockNews.com raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Tuesday, February 25th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.40.
Check Out Our Latest Analysis on WAL
Western Alliance Bancorporation Trading Down 0.3 %
WAL traded down $0.16 on Wednesday, reaching $63.07. 1,531,256 shares of the company traded hands, compared to its average volume of 1,214,046. The company has a market cap of $6.97 billion, a P/E ratio of 8.88, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a one year low of $53.75 and a one year high of $98.10. The firm has a fifty day simple moving average of $78.97 and a two-hundred day simple moving average of $84.55.
Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, beating 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 9.05 earnings per share for the current year.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in WAL. Norges Bank acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $109,298,000. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Western Alliance Bancorporation by 55.7% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock worth $151,604,000 after acquiring an additional 648,983 shares during the period. Principal Financial Group Inc. grew its stake in Western Alliance Bancorporation by 6,342.7% during the 3rd quarter. Principal Financial Group Inc. now owns 514,768 shares of the financial services provider's stock valued at $44,522,000 after purchasing an additional 506,778 shares during the last quarter. Janus Henderson Group PLC grew its stake in Western Alliance Bancorporation by 23.5% during the 4th quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after purchasing an additional 445,176 shares during the last quarter. Finally, Bank of Montreal Can increased its holdings in shares of Western Alliance Bancorporation by 973.1% in the fourth quarter. Bank of Montreal Can now owns 421,822 shares of the financial services provider's stock valued at $35,239,000 after purchasing an additional 382,513 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.
About Western Alliance Bancorporation
(
Get Free Report)
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.
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