Western Alliance Bancorporation (NYSE:WAL) Cut to Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Western Alliance Bancorporation from “hold” to “sell.” Despite the downgrade, the broader analyst consensus remains “Moderate Buy,” with an average price target of $92.56.
• Several analysts lowered price targets, including Wells Fargo and Truist Financial, both cutting targets to $84; Truist retained a “buy” rating.
• Western Alliance beat quarterly earnings and revenue estimates, reporting EPS of $2.45 versus $2.43 expected and revenue of $1.01 billion, up 8.1% year over year.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company reduced their target price on shares of Western Alliance Bancorporation from $90.00 to $84.00 and set an "equal weight" rating for the company in a report on Tuesday, September 29th. DA Davidson set a $107.00 price target on Western Alliance Bancorporation in a research report on Tuesday, October 20th. Mizuho set a $96.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, July 23rd. Bank of America reduced their target price on shares of Western Alliance Bancorporation from $91.00 to $87.00 in a research report on Thursday, October 8th. Finally, Truist Financial lowered their price target on shares of Western Alliance Bancorporation from $93.00 to $84.00 and set a "buy" rating on the stock in a report on Friday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of "Moderate Buy" and a consensus target price of $92.56.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $75.69 on Friday. The firm has a market cap of $8.14 billion, a PE ratio of 8.30, a PEG ratio of 0.79 and a beta of 1.43. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The firm has a fifty day moving average of $76.88 and a 200 day moving average of $79.71. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, beating 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 revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.28 EPS. As a group, research analysts predict that Western Alliance Bancorporation will post 9.04 EPS for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of large investors have recently bought and sold shares of WAL. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $26,000. Fortitude Family Office LLC increased its position in shares of Western Alliance Bancorporation by 173.5% in the third quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider's stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Provenance Wealth Advisors LLC acquired a new position in shares of Western Alliance Bancorporation during the third quarter valued at $31,000. Assetmark Inc. raised its position in Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock valued at $40,000 after buying an additional 259 shares during the period. Finally, Compound Global Advisors LLC acquired a new position in shares of Western Alliance Bancorporation in the second quarter valued at $41,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

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.

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