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

Western Alliance Bancorporation (NYSE:WAL) had its target price boosted by investment analysts 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 target price indicates a potential upside of 14.40% from the company’s current price.

Several other research firms have also commented on WAL. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Jefferies Financial Group lifted their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Finally, Piper Sandler upped their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.07.

Western Alliance Bancorporation Price Performance

WAL stock traded down $1.00 during trading on Friday, hitting $87.41. 1,335,352 shares of the company’s stock traded hands, compared to its average volume of 1,227,536. The business has a fifty day simple moving average of $77.97 and a 200 day simple moving average of $66.73. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $88.92. 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 stock has a market capitalization of $9.62 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 1.56 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data 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. The company 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 firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.96 earnings per share. As a group, research analysts expect that Western Alliance Bancorporation will post 7.4 EPS for the current fiscal year.

Insider Transactions at Western Alliance Bancorporation

In related news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the transaction, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Stephen Russell Curley sold 5,070 shares of the 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 directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares of the company’s stock, valued at $650,843.43. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,265 shares of company stock worth $1,700,391. Insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of WAL. Vanguard Group Inc. increased its stake in shares of Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after acquiring an additional 395,101 shares during the period. Price T Rowe Associates Inc. MD raised 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 valued at $328,165,000 after buying an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP raised 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 valued at $233,832,000 after buying an additional 636,577 shares during the last quarter. William Blair Investment Management LLC lifted its holdings in shares of 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 buying an additional 20,876 shares during the period. Finally, Hood River Capital Management LLC grew 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 worth $105,378,000 after acquiring an additional 91,535 shares during the period. Institutional investors and hedge funds 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.