DA Davidson Reaffirms “Buy” Rating for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a research note issued on Wednesday,Benzinga reports. They presently have a $93.00 price target on the financial services provider’s stock. DA Davidson’s price target would indicate a potential upside of 18.88% from the stock’s current price.

WAL has been the topic of a number of other reports. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their target price for the company from $83.00 to $79.00 in a research report on Monday, March 9th. UBS Group reaffirmed a “neutral” rating and issued a $75.00 target price (down from $106.00) on shares of Western Alliance Bancorporation in a research report on Tuesday, April 7th. Truist Financial set a $98.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, January 9th. Piper Sandler lowered their price objective on shares of Western Alliance Bancorporation from $108.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Finally, Jefferies Financial Group reissued an “overweight” rating and set a $105.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $93.36.

Western Alliance Bancorporation Stock Up 0.5%

Shares of NYSE WAL traded up $0.40 during mid-day trading on Wednesday, reaching $78.23. The company had a trading volume of 958,760 shares, compared to its average volume of 1,319,983. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.83. The firm has a 50 day simple moving average of $77.86 and a two-hundred day simple moving average of $81.63. The stock has a market cap of $8.60 billion, a P/E ratio of 8.95, a PEG ratio of 0.70 and a beta of 1.37. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. The firm had revenue of $968.40 million for the quarter, compared to the consensus estimate of $944.18 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company’s revenue was up 31.0% on a year-over-year basis. During the same period last year, the firm posted $1.79 EPS. Sell-side analysts predict that Western Alliance Bancorporation will post 9.74 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pictet Asset Management Holding SA lifted its stake in shares of Western Alliance Bancorporation by 7.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 17,304 shares of the financial services provider’s stock worth $1,226,000 after acquiring an additional 1,172 shares during the period. Louisiana State Employees Retirement System acquired a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth $2,111,000. Fifth Third Wealth Advisors LLC lifted its stake in shares of Western Alliance Bancorporation by 4.2% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 134 shares during the period. SG Americas Securities LLC lifted its stake in shares of Western Alliance Bancorporation by 278.5% in the 1st quarter. SG Americas Securities LLC now owns 53,451 shares of the financial services provider’s stock worth $3,787,000 after acquiring an additional 39,328 shares during the period. Finally, Brady Martz Wealth Solutions LLC lifted its stake in shares of Western Alliance Bancorporation by 65.6% in the 1st quarter. Brady Martz Wealth Solutions LLC now owns 6,991 shares of the financial services provider’s stock worth $495,000 after acquiring an additional 2,770 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.