Western Alliance Bancorporation (NYSE:WAL) Given New $95.00 Price Target at Truist Financial

Western Alliance Bancorporation (NYSE:WAL) had its target price decreased by research analysts at Truist Financial from $100.00 to $95.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price would suggest a potential upside of 17.52% from the company’s previous close.

Several other equities research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and upped their price target for the company from $83.00 to $101.00 in a report on Monday, October 7th. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Stephens restated an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 1st. Finally, Bank of America increased their target price on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $91.80.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock traded down $4.69 during mid-day trading on Monday, reaching $80.84. The stock had a trading volume of 754,892 shares, compared to its average volume of 1,310,320. Western Alliance Bancorporation has a 1-year low of $38.81 and a 1-year high of $94.28. The firm has a market cap of $8.90 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.30 and a beta of 1.44. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The business’s fifty day moving average is $82.58 and its 200-day moving average is $70.65.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.42%. The company had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same quarter in the prior year, the company earned $1.96 EPS. Western Alliance Bancorporation’s quarterly revenue was up 15.3% on a year-over-year basis. On average, research analysts forecast that Western Alliance Bancorporation will post 7.39 earnings per share for the current year.

Insider Activity

In related news, insider Stephen Russell Curley sold 5,070 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the sale, the insider now owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $82.75, for a total transaction of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation 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 sale, the insider now owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,149 shares of company stock worth $1,539,681 over the last three months. Insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WAL. Russell Investments Group Ltd. grew its stake in shares of Western Alliance Bancorporation by 0.6% in the first quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock valued at $1,911,000 after buying an additional 164 shares in the last quarter. GAMMA Investing LLC grew 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 acquiring an additional 183 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Western Alliance Bancorporation by 58.4% during the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 187 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Western Alliance Bancorporation by 26.5% in the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 244 shares during the period. Finally, UMB Bank n.a. increased its stake in Western Alliance Bancorporation by 136.8% during the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after buying an additional 249 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.