Western Alliance Bancorporation (NYSE:WAL) Upgraded by Raymond James Financial to Moderate Buy Rating

Key Points

• Raymond James upgraded Western Alliance Bancorporation to “moderate buy,” contributing to a consensus “Moderate Buy” rating from 16 analysts and an average price target of $95.
• WAL shares opened at $77.81, down 1.1%, while trading below their 50-day moving average; the stock’s 52-week range is $65.82 to $97.23.
• The bank reported quarterly EPS of $2.36, in line with estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year. Institutional investors own approximately 79.15% of the company.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) was upgraded by investment analysts at Raymond James Financial to a "moderate buy" rating in a report released on Tuesday, Zacks reports.

Several other analysts have also issued reports on WAL. DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, July 22nd. Wells Fargo & Company raised their price objective on shares of Western Alliance Bancorporation from $79.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, August 10th. Piper Sandler lifted their price objective on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research note on Friday, July 24th. TD Cowen boosted their target price on shares of Western Alliance Bancorporation from $89.00 to $90.00 and gave the company a "hold" rating in a report on Monday, July 27th. Finally, Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a research report on Thursday, July 23rd. Eleven investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $95.00.

Western Alliance Bancorporation Stock Down 1.1%

WAL stock opened at $77.81 on Tuesday. The stock has a fifty day moving average of $80.64 and a 200-day moving average of $78.42. Western Alliance Bancorporation has a fifty-two week low of $65.82 and a fifty-two week high of $97.23. The company has a market capitalization of $8.49 billion, a price-to-earnings ratio of 8.76, a PEG ratio of 0.76 and a beta of 1.33. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $2.36. The business had revenue of $995.70 million for the quarter, compared to analysts' expectations of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The firm's quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.07 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Western Alliance Bancorporation during the second quarter valued at $926,898,000. Dimensional Fund Advisors LP increased its stake in Western Alliance Bancorporation by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider's stock worth $270,203,000 after acquiring an additional 36,534 shares during the last quarter. Davis Asset Management L.P. purchased a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at about $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $174,329,000. Finally, Norges Bank bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at about $125,482,000. Institutional investors own 79.15% of the company's stock.

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 and financial services to businesses, entrepreneurs, professionals and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, treasury management, deposit products, mortgage warehouse lending and other specialized banking services. Its business lines also serve technology companies, life sciences firms, entertainment businesses, homeowners' associations, institutional investors and other niche markets.

The company serves customers through a combination of relationship-focused regional banking and specialized national platforms.

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