Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $104.00 at Citigroup

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by analysts at Citigroup from $95.00 to $104.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s target price would indicate a potential upside of 16.91% from the stock’s current price.

WAL has been the subject of several other research reports. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a report on Wednesday, May 21st. Piper Sandler increased their price target on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, July 21st. DA Davidson increased their price target on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the stock a “buy” rating in a research note on Monday, July 21st. Jefferies Financial Group started coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They set a “buy” rating and a $95.00 price objective for the company. Finally, Barclays increased their price target on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Twelve research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.79.

Western Alliance Bancorporation Trading Up 2.4%

Shares of Western Alliance Bancorporation stock traded up $2.12 on Tuesday, reaching $88.96. The company had a trading volume of 200,808 shares, compared to its average volume of 1,104,792. The firm’s 50 day moving average price is $80.64 and its two-hundred day moving average price is $77.14. The firm has a market cap of $9.82 billion, a PE ratio of 11.68, a PEG ratio of 0.60 and a beta of 1.33. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The firm had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. During the same period in the prior year, the firm earned $1.75 EPS. Sell-side analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Tim R. Bruckner sold 2,500 shares of the business’s stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares of the company’s stock, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.75% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WAL. Norges Bank acquired a new stake in Western Alliance Bancorporation in the second quarter valued at $137,289,000. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Western Alliance Bancorporation by 55.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider’s stock valued at $151,604,000 after acquiring an additional 648,983 shares in the last quarter. Nuveen LLC acquired a new stake in Western Alliance Bancorporation in the first quarter valued at $45,486,000. Janus Henderson Group PLC raised its holdings in Western Alliance Bancorporation by 23.5% in the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider’s stock valued at $195,616,000 after acquiring an additional 445,176 shares in the last quarter. Finally, FJ Capital Management LLC raised its holdings in Western Alliance Bancorporation by 824.8% in the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider’s stock valued at $33,998,000 after acquiring an additional 394,660 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.