Western Alliance Bancorporation (NYSE:WAL – Get Free Report) had its target price raised by analysts at Citigroup from $76.00 to $82.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price target would suggest a potential upside of 19.97% from the stock’s previous close.
Other research analysts have also issued reports about the company. Royal Bank of Canada lifted their price objective on Western Alliance Bancorporation from $74.00 to $78.00 and gave the stock an “outperform” rating in a research report on Monday. Wedbush reissued an “outperform” rating and issued a $55.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 20th. Wells Fargo & Company lowered their price objective on Western Alliance Bancorporation from $65.00 to $52.00 and set an “overweight” rating for the company in a research report on Monday, October 23rd. Truist Financial boosted their target price on Western Alliance Bancorporation from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, December 15th. Finally, Jefferies Financial Group boosted their target price on Western Alliance Bancorporation from $55.00 to $58.00 in a research report on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $60.56.
Western Alliance Bancorporation Stock Down 2.5 %
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings data on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.02). Western Alliance Bancorporation had a return on equity of 16.65% and a net margin of 16.74%. The business had revenue of $1.13 billion during the quarter, compared to the consensus estimate of $705.97 million. During the same period last year, the business posted $2.67 earnings per share. Analysts predict that Western Alliance Bancorporation will post 7.97 earnings per share for the current year.
Insiders Place Their Bets
In other Western Alliance Bancorporation news, Director Robert P. Latta sold 5,370 shares of the business’s stock in a transaction that occurred on Monday, December 11th. The stock was sold at an average price of $56.07, for a total transaction of $301,095.90. Following the completion of the sale, the director now directly owns 2,996 shares of the company’s stock, valued at approximately $167,985.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.51% of the company’s stock.
Institutional Trading of Western Alliance Bancorporation
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC grew its holdings in shares of Western Alliance Bancorporation by 80.1% in the second quarter. William Blair Investment Management LLC now owns 3,318,007 shares of the financial services provider’s stock valued at $121,008,000 after acquiring an additional 1,476,194 shares in the last quarter. State Street Corp grew its holdings in shares of Western Alliance Bancorporation by 44.4% in the first quarter. State Street Corp now owns 4,056,477 shares of the financial services provider’s stock valued at $144,167,000 after acquiring an additional 1,246,855 shares in the last quarter. Norges Bank bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $68,940,000. Barclays PLC grew its holdings in shares of Western Alliance Bancorporation by 489.0% in the third quarter. Barclays PLC now owns 1,333,881 shares of the financial services provider’s stock valued at $61,320,000 after acquiring an additional 1,107,431 shares in the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at approximately $32,430,000. 72.04% of the stock is owned by institutional investors.
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.
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