Wells Fargo & Company Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $85.00

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by research analysts at Wells Fargo & Company from $90.00 to $85.00 in a research note issued on Thursday, Marketbeat Ratings reports. The firm presently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 7.31% from the stock’s current price.

Several other research firms have also recently issued reports on WAL. TD Cowen began coverage on Western Alliance Bancorporation in a report on Thursday, September 25th. They set a “buy” rating and a $118.00 price objective on the stock. Piper Sandler raised their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, July 21st. Barclays reiterated an “overweight” rating on shares of Western Alliance Bancorporation in a report on Wednesday, October 8th. National Bankshares set a $118.00 target price on Western Alliance Bancorporation in a report on Wednesday, September 24th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a report on Wednesday, October 8th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $101.20.

Western Alliance Bancorporation Price Performance

WAL stock opened at $79.21 on Thursday. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The stock’s fifty day simple moving average is $85.14 and its 200-day simple moving average is $78.83. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $8.74 billion, a price-to-earnings ratio of 9.79, a price-to-earnings-growth ratio of 0.55 and a beta of 1.35.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%.The business had revenue of $718.00 million for the quarter. Equities research analysts expect that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in Western Alliance Bancorporation by 5.9% in the first quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider’s stock valued at $466,821,000 after purchasing an additional 339,758 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Western Alliance Bancorporation by 0.8% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,604,755 shares of the financial services provider’s stock valued at $276,954,000 after purchasing an additional 26,995 shares during the period. William Blair Investment Management LLC raised its position in Western Alliance Bancorporation by 0.9% in the second quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock valued at $180,394,000 after purchasing an additional 20,704 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in Western Alliance Bancorporation by 11.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider’s stock valued at $190,318,000 after purchasing an additional 223,425 shares during the period. Finally, Geode Capital Management LLC raised its position in Western Alliance Bancorporation by 5.4% in the second quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider’s stock valued at $158,755,000 after purchasing an additional 104,182 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.