Western Alliance Bancorporation (NYSE:WAL) Coverage Initiated by Analysts at Hovde Group

Hovde Group started coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note issued on Monday, StockNewsAPI reports. The firm set an “outperform” rating and a $75.00 price target on the financial services provider’s stock. Hovde Group’s price target points to a potential upside of 25.40% from the company’s previous close.

Several other research analysts have also recently issued reports on WAL. Barclays started coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They issued an “overweight” rating and a $91.00 price objective for the company. Citigroup raised their price objective on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Wells Fargo & Company reduced their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. Finally, DA Davidson reiterated a “buy” rating and set a $85.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Western Alliance Bancorporation Price Performance

WAL opened at $59.81 on Monday. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. 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 business’s fifty day simple moving average is $59.43 and its 200-day simple moving average is $56.82. The company has a market capitalization of $6.59 billion, a price-to-earnings ratio of 8.72 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same quarter last year, the company earned $2.30 earnings per share. On average, equities research analysts anticipate that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of the company. WCM Investment Management LLC acquired a new position in Western Alliance Bancorporation during the 4th quarter worth $12,387,000. Smead Capital Management Inc. acquired a new position in shares of Western Alliance Bancorporation during the 4th quarter worth about $77,957,000. Strs Ohio boosted its position in shares of Western Alliance Bancorporation by 35.3% during the 4th quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock worth $5,697,000 after acquiring an additional 22,600 shares in the last quarter. Invesco Ltd. boosted its position in shares of Western Alliance Bancorporation by 170.4% during the 3rd quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock worth $59,507,000 after acquiring an additional 815,737 shares in the last quarter. Finally, Dark Forest Capital Management LP boosted its position in shares of Western Alliance Bancorporation by 16.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock worth $551,000 after acquiring an additional 1,713 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.