Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $90.00 by Analysts at DA Davidson

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by investment analysts at DA Davidson from $93.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price suggests a potential upside of 18.59% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler cut their price objective on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Citigroup lowered their target price on Western Alliance Bancorporation from $103.00 to $96.00 and set a “buy” rating for the company in a research report on Tuesday, April 28th. National Alliance Securities reiterated a “buy” rating on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. TD Cowen downgraded Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research report on Monday, March 9th. Finally, JPMorgan Chase & Co. lowered their price target on Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, April 1st. Nine investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $92.93.

Western Alliance Bancorporation Price Performance

WAL traded down $1.67 during trading on Wednesday, reaching $75.89. 261,519 shares of the company traded hands, compared to its average volume of 1,283,604. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The firm has a fifty day simple moving average of $75.04 and a 200 day simple moving average of $81.77. The company has a market cap of $8.25 billion, a P/E ratio of 8.84, a PEG ratio of 0.59 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The business had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. During the same period last year, the firm posted $1.79 EPS. The company’s revenue was up 31.0% on a year-over-year basis. On average, equities analysts forecast that Western Alliance Bancorporation will post 9.92 EPS for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently made changes to their positions in WAL. Price T Rowe Associates Inc. MD boosted its position in Western Alliance Bancorporation by 9.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock valued at $735,350,000 after buying an additional 777,369 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its position in Western Alliance Bancorporation by 7.9% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock worth $542,286,000 after buying an additional 470,492 shares in the last quarter. Invesco Ltd. lifted its position in Western Alliance Bancorporation by 3.4% during the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock worth $521,710,000 after buying an additional 197,854 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Western Alliance Bancorporation by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after buying an additional 36,534 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its position in Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock worth $207,670,000 after buying an additional 81,386 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.