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

Key Points

• DA Davidson reaffirmed its Buy rating on Western Alliance and set a $93 price target, implying roughly an 18.9% upside from the prior close.
• Western Alliance notably beat quarterly expectations with $2.22 EPS vs. $1.48 expected and reported 31% year‑over‑year revenue growth; sell‑side forecasts about 9.74 EPS for the current year.
• Analyst consensus is a Moderate Buy (nine Buys, five Holds) with an average target of $93.36; the stock trades near $78.23, has a market cap of $8.6B and a P/E of 8.95.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at DA Davidson in a research report issued on Wednesday,Benzinga reports. They currently have a $93.00 target price on the financial services provider's stock. DA Davidson's price target suggests a potential upside of 18.88% from the company's previous close.

A number of other analysts have also recently commented on WAL. Citigroup cut their target price on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a "buy" rating for the company in a research note on Monday, March 9th. National Alliance Securities reiterated a "buy" rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. iA Financial set a $101.00 target price on shares of Western Alliance Bancorporation in a report on Wednesday, January 28th. Jefferies Financial Group restated an "overweight" rating and issued a $105.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Finally, UBS Group reiterated a "neutral" rating and set a $75.00 target price (down from $106.00) on shares of Western Alliance Bancorporation in a report on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $93.36.

Western Alliance Bancorporation Stock Performance

WAL traded up $0.40 on Wednesday, reaching $78.23. The stock had a trading volume of 958,760 shares, compared to its average volume of 1,319,983. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. 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 business's 50-day moving average price is $77.86 and its two-hundred day moving average price is $81.63. The company has a market cap of $8.60 billion, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The company had revenue of $968.40 million during the quarter, compared to analysts' expectations of $944.18 million. During the same quarter in the previous year, the company earned $1.79 earnings per share. The firm's revenue for the quarter was up 31.0% on a year-over-year basis. Sell-side analysts forecast that Western Alliance Bancorporation will post 9.74 earnings per share for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the company. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $26,000. Quent Capital LLC purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $26,000. Salomon & Ludwin LLC purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $27,000. Root Financial Partners LLC purchased a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at approximately $27,000. Finally, Clearstead Advisors LLC grew its position in shares of Western Alliance Bancorporation by 144.6% in the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock valued at $35,000 after buying an additional 243 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.