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

Western Alliance Bancorporation (NYSE:WAL) had its target price upped by Truist Financial from $88.00 to $100.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 14.04% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 23rd. Piper Sandler boosted their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Barclays increased their price target on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Finally, Jefferies Financial Group boosted their price objective on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $85.07.

Western Alliance Bancorporation Price Performance

WAL stock opened at $87.69 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The company’s fifty day simple moving average is $78.38 and its 200 day simple moving average is $67.01. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $88.92. 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 earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. During the same quarter in the prior year, the company earned $1.96 EPS. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, analysts expect that Western Alliance Bancorporation will post 7.4 earnings per share for the current year.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now owns 7,977 shares in the company, valued at approximately $650,843.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares in the company, valued at approximately $650,843.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,265 shares of company stock worth $1,700,391. Insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after purchasing an additional 395,101 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of 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 worth $328,165,000 after acquiring an additional 717,242 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Western Alliance Bancorporation by 20.6% during 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 acquiring an additional 636,577 shares during the period. William Blair Investment Management LLC raised its stake in Western Alliance Bancorporation by 0.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock valued at $176,764,000 after acquiring an additional 20,876 shares during the period. Finally, Hood River Capital Management LLC lifted its holdings in Western Alliance Bancorporation by 5.9% during the first quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock valued at $105,378,000 after purchasing an additional 91,535 shares during the last quarter. 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.