Western Alliance Bancorporation (NYSE:WAL) Coverage Initiated at Wells Fargo & Company

Equities research analysts at Wells Fargo & Company assumed coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research report issued on Monday. The firm set an “equal weight” rating and a $90.00 price target on the financial services provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 11.88% from the company’s current price.

Several other analysts have also recently issued reports on WAL. UBS Group upped their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $95.00 price objective on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Stephens set a $95.00 price objective on shares of Western Alliance Bancorporation and gave the stock an “overweight” rating in a research note on Thursday, July 23rd. TD Cowen raised their target price on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, July 27th. Finally, JPMorgan Chase & Co. lifted their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “neutral” rating in a research note on Thursday, July 23rd. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.47.

Western Alliance Bancorporation Stock Down 1.1%

Shares of NYSE:WAL traded down $0.89 during midday trading on Monday, reaching $80.44. The company had a trading volume of 31,905 shares, compared to its average volume of 1,190,346. The stock has a market capitalization of $8.78 billion, a P/E ratio of 9.06, a PEG ratio of 0.78 and a beta of 1.34. The stock’s fifty day moving average price is $81.34 and its 200-day moving average price is $80.72. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts’ consensus estimates of $2.36. The firm had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The firm’s revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.07 EPS. Equities research analysts expect that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.76% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in WAL. Citizens Financial Group Inc. RI bought a new stake in Western Alliance Bancorporation during the 2nd quarter valued at $522,000. BlackRock Inc. acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth $926,898,000. Pallas Capital Advisors LLC bought a new position in shares of Western Alliance Bancorporation in the second quarter worth $741,000. Deutsche Bank AG acquired a new position in shares of Western Alliance Bancorporation during the second quarter valued at $688,000. Finally, OneDigital Investment Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter valued at $612,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.