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

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by investment analysts at DA Davidson from $85.00 to $78.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target would suggest a potential upside of 30.41% from the stock’s current price.

Several other research analysts have also commented 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. Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. JPMorgan Chase & Co. decreased their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. Barclays assumed coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They issued an “overweight” rating and a $91.00 price objective for the company. Finally, Truist Financial reiterated a “buy” rating and set a $80.00 target price on shares of Western Alliance Bancorporation in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $70.56.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL opened at $59.81 on Monday. The firm has a fifty day simple moving average of $59.43 and a two-hundred day simple moving average of $56.82. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The stock has a market capitalization of $6.59 billion, a P/E 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, topping the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the previous year, the firm posted $2.30 earnings per share. On average, analysts expect that Western Alliance Bancorporation will post 7.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Western Alliance Bancorporation by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,022,268 shares of the financial services provider’s stock valued at $460,724,000 after buying an additional 74,824 shares during the period. William Blair Investment Management LLC grew its position in Western Alliance Bancorporation by 3.8% during the third 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 period. Dimensional Fund Advisors LP increased its holdings in Western Alliance Bancorporation by 50.7% in 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 buying an additional 824,636 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Western Alliance Bancorporation by 103.2% in the fourth 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 period. Finally, FMR LLC boosted its stake in shares of Western Alliance Bancorporation by 39.6% during the 3rd quarter. FMR LLC now owns 1,371,939 shares of the financial services provider’s stock worth $63,068,000 after acquiring an additional 389,327 shares in the last quarter. Institutional investors and hedge funds 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.