Western Alliance Bancorporation (NYSE:WAL) Shares Break Above 50 Day Moving Average – Time to Sell?

Western Alliance Bancorporation (NYSE:WAL) crossed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $77.14 and traded as high as $77.83. Western Alliance Bancorporation shares last traded at $77.75, with a volume of 1,114,709 shares.

Analyst Upgrades and Downgrades

WAL has been the topic of a number of research analyst reports. Stephens dropped their price target on Western Alliance Bancorporation from $94.00 to $88.00 and set an “overweight” rating on the stock in a research note on Thursday, October 22nd. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $93.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Raymond James Financial initiated coverage on shares of Western Alliance Bancorporation in a report on Tuesday, September 22nd. They issued an “outperform” rating and a $90.00 price objective on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 21st. Finally, Royal Bank Of Canada cut their target price on shares of Western Alliance Bancorporation from $95.00 to $93.00 and set an “outperform” rating for the company in a research note on Friday, October 9th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $92.18.

Western Alliance Bancorporation Trading Down 2.0%

The business has a fifty day moving average price of $77.08 and a 200-day moving average price of $79.97. The company has a quick ratio of 0.80, a current ratio of 0.84 and a debt-to-equity ratio of 0.87. The company has a market cap of $8.32 billion, a P/E ratio of 8.43, a PEG ratio of 0.78 and a beta of 1.42.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.43 by $0.02. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $987.91 million. Western Alliance Bancorporation had a return on equity of 13.50% and a net margin of 17.34%. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.28 earnings per share. On average, analysts forecast that Western Alliance Bancorporation will post 9.04 earnings per share for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the company. Provenance Wealth Advisors LLC acquired a new stake in Western Alliance Bancorporation in the third quarter valued at approximately $31,000. Hennessy Advisors Inc. bought a new stake in shares of Western Alliance Bancorporation during the third quarter worth $1,126,000. Vise Technologies Inc. increased its holdings in shares of Western Alliance Bancorporation by 63.8% during the third quarter. Vise Technologies Inc. now owns 9,838 shares of the financial services provider’s stock worth $739,000 after buying an additional 3,832 shares in the last quarter. Penobscot Investment Management Company Inc. increased its holdings in shares of Western Alliance Bancorporation by 278.8% during the third quarter. Penobscot Investment Management Company Inc. now owns 9,471 shares of the financial services provider’s stock worth $711,000 after buying an additional 6,971 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Western Alliance Bancorporation by 12.2% in the 3rd quarter. Signaturefd LLC now owns 2,154 shares of the financial services provider’s stock valued at $162,000 after acquiring an additional 235 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.