Royal Bank of Canada Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $76.00

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by stock analysts at Royal Bank of Canada from $78.00 to $76.00 in a report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target indicates a potential upside of 27.07% from the company’s previous close.

Other equities analysts have also issued reports about the company. Hovde Group initiated coverage on Western Alliance Bancorporation in a research report on Monday. They issued an “outperform” rating and a $75.00 price objective for the company. Stephens reissued an “overweight” rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. JPMorgan Chase & Co. lowered their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Finally, Citigroup lifted their target price on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, January 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.56.

Western Alliance Bancorporation Trading Up 1.9 %

WAL opened at $59.81 on Monday. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The stock has a market capitalization of $6.59 billion, a PE ratio of 8.72 and a beta of 1.47. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. The firm has a 50-day moving average price of $59.43 and a two-hundred day moving average price of $56.82.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $711.34 million. During the same quarter in the previous year, the company posted $2.30 EPS. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently added to or reduced their stakes in WAL. Vanguard Group Inc. boosted its stake in shares of Western Alliance Bancorporation by 0.8% during the third quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock valued at $460,724,000 after purchasing an additional 74,824 shares during the period. William Blair Investment Management LLC raised its holdings in Western Alliance Bancorporation by 3.8% during the 3rd quarter. William Blair Investment Management LLC now owns 3,443,399 shares of the financial services provider’s stock valued at $158,293,000 after buying an additional 125,392 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Western Alliance Bancorporation by 50.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after buying an additional 824,636 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Western Alliance Bancorporation by 103.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock worth $113,510,000 after acquiring an additional 876,413 shares during the last quarter. Finally, FMR LLC increased its position in shares of Western Alliance Bancorporation by 39.6% in the third quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock valued at $63,068,000 after acquiring an additional 389,327 shares during the period. 79.15% of the stock is currently owned by hedge funds and other 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.