Barclays Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $86.00

Western Alliance Bancorporation (NYSE:WAL) had its target price reduced by research analysts at Barclays from $91.00 to $86.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target points to a potential upside of 43.88% from the company’s current price.

WAL has been the subject of several other research reports. Royal Bank of Canada cut their price objective on Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday. Jefferies Financial Group decreased their price objective on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Wells Fargo & Company lowered their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. DA Davidson decreased their target price on Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a report on Monday. Finally, Hovde Group started coverage on Western Alliance Bancorporation in a research report on Monday. They set an “outperform” rating and a $75.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $70.56.

Western Alliance Bancorporation Trading Up 1.9 %

Shares of WAL stock traded up $1.10 on Tuesday, hitting $59.77. 242,777 shares of the stock traded hands, compared to its average volume of 1,457,425. The stock has a market capitalization of $6.59 billion, a PE ratio of 8.71 and a beta of 1.47. Western Alliance Bancorporation has a twelve month low of $11.35 and a twelve month high of $70.23. The firm’s 50-day moving average price is $59.41 and its two-hundred day moving average price is $56.71. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. The firm had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the prior year, the company posted $2.30 earnings per share. As a group, analysts anticipate that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 183 shares in the last quarter. Riverwater Partners LLC increased its holdings in Western Alliance Bancorporation by 0.7% during the 4th quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after purchasing an additional 211 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Western Alliance Bancorporation by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after buying an additional 240 shares during the period. Madison Asset Management LLC increased its stake in shares of Western Alliance Bancorporation by 0.4% in the 4th quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after buying an additional 297 shares during the period. Finally, Peapack Gladstone Financial Corp increased its stake in shares of Western Alliance Bancorporation by 2.7% in the 4th quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after buying an additional 303 shares during the period. Institutional investors own 79.15% of the company’s stock.

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.