Western Alliance Bancorporation (NYSE:WAL) PT Raised to $100.00

Western Alliance Bancorporation (NYSE:WAL) had its target price upped by equities researchers at Truist Financial from $88.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would indicate a potential upside of 14.04% from the company’s previous close.

WAL has been the subject of a number of other reports. Royal Bank of Canada boosted their price target on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Jefferies Financial Group lifted their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Bank of America upped their price objective on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.07.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $87.69 on Friday. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $88.92. The business’s fifty day moving average is $78.38 and its 200 day moving average is $67.01. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. The firm has a market cap of $9.66 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.56 and a beta of 1.44.

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 for the quarter, beating the consensus estimate of $1.71 by $0.04. The firm had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.96 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the transaction, the insider now owns 36,718 shares in the company, valued at $2,806,356.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the completion of the transaction, the insider now owns 36,718 shares in the company, valued at approximately $2,806,356.74. The disclosure for this sale can be found here. Insiders sold a total of 21,265 shares of company stock worth $1,700,391 over the last three months. Company insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently modified their holdings of WAL. Norges Bank purchased a new stake in Western Alliance Bancorporation in the 4th quarter worth approximately $67,758,000. Cincinnati Insurance Co. bought a new position in shares of Western Alliance Bancorporation during the first quarter valued at approximately $46,538,000. LHM Inc. boosted its holdings in Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after acquiring an additional 723,995 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Western Alliance Bancorporation by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after purchasing an additional 717,242 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Western Alliance Bancorporation by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after purchasing an additional 636,577 shares in the last quarter. 79.15% of the stock is 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.