Western Alliance Bancorporation (NYSE:WAL) Stock Price Expected to Rise, Barclays Analyst Says

Western Alliance Bancorporation (NYSE:WAL) had its price target raised by Barclays from $93.00 to $95.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price objective points to a potential upside of 21.60% from the company’s previous close.

WAL has been the topic of a number of other reports. Stephens lowered their price target on Western Alliance Bancorporation from $94.00 to $88.00 and set an “overweight” rating on the stock in a research note on Thursday, October 22nd. Keefe, Bruyette & Woods reduced their price objective on Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating for the company in a research note on Wednesday, October 21st. Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $90.00 to $84.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 29th. Weiss Ratings lowered Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, October 23rd. Finally, DA Davidson set a $107.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, October 20th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.29.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded up $1.83 during midday trading on Tuesday, reaching $78.12. The company had a trading volume of 33,085 shares, compared to its average volume of 1,176,690. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.84 and a quick ratio of 0.80. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company has a market capitalization of $8.52 billion, a P/E ratio of 8.60, a P/E/G ratio of 0.76 and a beta of 1.43. The firm’s fifty day simple moving average is $77.06 and its 200-day simple moving average is $79.93.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $2.45 EPS for the quarter, topping the consensus estimate of $2.43 by $0.02. Western Alliance Bancorporation had a return on equity of 13.50% and a net margin of 17.34%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $987.91 million. During the same period in the previous year, the business earned $2.28 EPS. Western Alliance Bancorporation’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 9.04 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of WAL. Commonwealth Equity Services LLC grew its stake in shares of Western Alliance Bancorporation by 3.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 5,706 shares of the financial services provider’s stock valued at $429,000 after buying an additional 169 shares during the period. Provenance Wealth Advisors LLC acquired a new stake in shares of Western Alliance Bancorporation during the 3rd quarter worth approximately $31,000. Hennessy Advisors Inc. purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at approximately $1,126,000. Vise Technologies Inc. raised its position in shares of Western Alliance Bancorporation by 63.8% during the 3rd quarter. Vise Technologies Inc. now owns 9,838 shares of the financial services provider’s stock valued at $739,000 after buying an additional 3,832 shares during the period. Finally, Penobscot Investment Management Company Inc. lifted its holdings in Western Alliance Bancorporation by 278.8% in the third quarter. Penobscot Investment Management Company Inc. now owns 9,471 shares of the financial services provider’s stock valued at $711,000 after acquiring an additional 6,971 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.