Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $78.00 by Analysts at DA Davidson

Western Alliance Bancorporation (NYSE:WAL) had its target price cut by equities researchers at DA Davidson from $85.00 to $78.00 in a report released on Monday. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s target price suggests a potential upside of 35.09% from the stock’s current price.

A number of other equities research analysts have also commented on WAL. Wells Fargo & Company reduced their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Citigroup upped their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Hovde Group started coverage on shares of Western Alliance Bancorporation in a research note on Monday. They set an “outperform” rating and a $75.00 target price on the stock. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Finally, Barclays started coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an “overweight” rating and a $91.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average target price of $71.31.

Western Alliance Bancorporation Trading Up 0.5 %

NYSE WAL traded up $0.30 on Monday, hitting $57.74. The company’s stock had a trading volume of 123,358 shares, compared to its average volume of 1,455,848. The company’s 50-day moving average is $59.50 and its 200 day moving average is $56.60. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The firm has a market cap of $6.36 billion, a PE ratio of 8.43 and a beta of 1.47.

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

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of large investors have recently modified their holdings of the company. Smead Capital Management Inc. bought a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $77,957,000. Barclays PLC lifted its position in Western Alliance Bancorporation by 489.0% during the third quarter. Barclays PLC now owns 1,333,881 shares of the financial services provider’s stock valued at $61,320,000 after purchasing an additional 1,107,431 shares during the last quarter. Norges Bank bought a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $67,758,000. Vaughan Nelson Investment Management L.P. lifted its position in Western Alliance Bancorporation by 103.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after purchasing an additional 876,413 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Western Alliance Bancorporation by 50.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after purchasing an additional 824,636 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

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.