Western Alliance Bancorporation (NYSE:WAL) Stock Price Expected to Rise, Barclays Analyst Says

Key Points

• Barclays raised its price target for Western Alliance Bancorporation from $93 to $95 and maintained an “overweight” rating, implying 21.6% upside from the reported $78.12 share price.
• Analyst sentiment remains generally positive: 11 analysts rate the stock a Buy and five rate it Hold, resulting in a consensus “Moderate Buy” rating and an average target price of $92.29.
• Western Alliance exceeded quarterly expectations, reporting $2.45 in EPS versus a $2.43 consensus estimate and $1.01 billion in revenue, up 8.1% year over year; institutional investors own 79.15% of the stock.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price raised by Barclays from $93.00 to $95.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Barclays's target price would suggest a potential upside of 21.60% from the stock's current price.

Other analysts have also issued research reports about the company. Truist Financial lowered their target price on Western Alliance Bancorporation from $93.00 to $84.00 and set a "buy" rating for the company in a report on Friday, October 9th. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set a "neutral" rating on the stock in a report on Wednesday, October 21st. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Citigroup reduced their target price on shares of Western Alliance Bancorporation from $98.00 to $95.00 and set a "buy" rating for the company in a report on Tuesday, September 22nd. Finally, TD Cowen reduced their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set a "hold" rating for the company in a report on Monday, October 5th. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and an average target price of $92.29.

Western Alliance Bancorporation Stock Up 2.4%

NYSE WAL traded up $1.83 during trading on Tuesday, reaching $78.12. 33,085 shares of the company's stock traded hands, compared to its average volume of 1,176,690. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.84 and a quick ratio of 0.80. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 8.60, a price-to-earnings-growth ratio of 0.76 and a beta of 1.43. The company's 50 day simple moving average is $77.06 and its two-hundred day simple moving average is $79.93.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.43 by $0.02. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The firm had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $987.91 million. During the same quarter in the prior year, the company earned $2.28 EPS. The company's revenue was up 8.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 9.04 EPS for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its stake in shares of Western Alliance Bancorporation by 3.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 5,706 shares of the financial services provider's stock worth $429,000 after buying an additional 169 shares during the period. Provenance Wealth Advisors LLC acquired a new stake in Western Alliance Bancorporation in the 3rd quarter valued at $31,000. Hennessy Advisors Inc. acquired a new stake in Western Alliance Bancorporation in the 3rd quarter valued at $1,126,000. Vise Technologies Inc. increased its holdings in Western Alliance Bancorporation by 63.8% in the 3rd quarter. Vise Technologies Inc. now owns 9,838 shares of the financial services provider's stock worth $739,000 after acquiring an additional 3,832 shares in the last quarter. Finally, Penobscot Investment Management Company Inc. increased its holdings in Western Alliance Bancorporation by 278.8% in the 3rd quarter. Penobscot Investment Management Company Inc. now owns 9,471 shares of the financial services provider's stock worth $711,000 after acquiring an additional 6,971 shares in the last quarter. Hedge funds and other institutional investors 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.

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