Western Alliance Bancorporation (NYSE:WAL) PT Raised to $87.00 at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL) had its price objective lifted by research analysts at Royal Bank of Canada from $78.00 to $87.00 in a research note issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 11.58% from the stock’s current price.

WAL has been the topic of several other reports. DA Davidson cut their target price on Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. JPMorgan Chase & Co. dropped their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Hovde Group assumed coverage on Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price for the company. Barclays raised their price target on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Monday. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $84.27.

Western Alliance Bancorporation Trading Up 1.0 %

Western Alliance Bancorporation stock opened at $77.97 on Monday. Western Alliance Bancorporation has a 12 month low of $38.81 and a 12 month high of $78.83. The company has a market capitalization of $8.59 billion, a price-to-earnings ratio of 11.37, a price-to-earnings-growth ratio of 1.47 and a beta of 1.46. The business’s fifty day simple moving average is $63.63 and its two-hundred day simple moving average is $61.76. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. Western Alliance Bancorporation’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.96 EPS. As a group, equities analysts predict that Western Alliance Bancorporation will post 7.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total transaction of $64,200.00. Following the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.75% of the stock is currently owned by company insiders.

Institutional Trading of Western Alliance Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. increased its stake in Western Alliance Bancorporation by 0.6% in the 1st quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock worth $1,911,000 after buying an additional 164 shares during the period. GAMMA Investing LLC boosted its position in Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares during the period. Versant Capital Management Inc grew its stake in Western Alliance Bancorporation by 26.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares in the last quarter. Riverwater Partners LLC increased its position in shares of Western Alliance Bancorporation by 1.0% during the first quarter. Riverwater Partners LLC now owns 29,467 shares of the financial services provider’s stock worth $1,891,000 after acquiring an additional 287 shares during the period. Finally, Madison Asset Management LLC raised its stake in shares of Western Alliance Bancorporation by 0.4% during the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after acquiring an additional 297 shares in the last quarter. 79.15% of the stock is currently owned by 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.