Western Alliance Bancorporation (NYSE:WAL) Upgraded by StockNews.com to “Hold” Rating

Western Alliance Bancorporation (NYSE:WAL) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a research note on Friday, October 18th. Stephens reiterated an “overweight” rating and issued a $103.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday. UBS Group started coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, December 17th. They issued a “buy” rating and a $115.00 price objective for the company. Piper Sandler dropped their price target on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a research note on Monday, October 21st. Finally, Barclays raised their price objective on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.13.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL traded down $0.92 during midday trading on Wednesday, reaching $88.25. 1,493,696 shares of the company’s stock were exchanged, compared to its average volume of 1,368,778. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm has a market capitalization of $9.71 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 0.88 and a beta of 1.46. The company’s 50 day simple moving average is $88.13 and its two-hundred day simple moving average is $84.26.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. Equities research analysts expect that Western Alliance Bancorporation will post 7.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of WAL. State Street Corp lifted its stake in shares of Western Alliance Bancorporation by 46.2% during the 3rd quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after purchasing an additional 1,418,472 shares during the last quarter. FMR LLC increased its stake in Western Alliance Bancorporation by 93.3% during the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after purchasing an additional 1,347,921 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Western Alliance Bancorporation by 4.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock valued at $164,019,000 after acquiring an additional 74,956 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in shares of Western Alliance Bancorporation by 4.5% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,883,743 shares of the financial services provider’s stock worth $157,369,000 after purchasing an additional 81,238 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Western Alliance Bancorporation by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,880,681 shares of the financial services provider’s stock worth $162,701,000 after acquiring an additional 120,729 shares during the period. 79.15% of the stock is owned by hedge funds and other 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.