Hovde Group Begins Coverage on Western Alliance Bancorporation (NYSE:WAL)

Equities researchers at Hovde Group assumed coverage on shares of Western Alliance Bancorporation (NYSE:WAL - Get Free Report) in a research report issued to clients and investors on Monday, StockNewsAPI reports. The brokerage set an "outperform" rating and a $75.00 price target on the financial services provider's stock. Hovde Group's target price would suggest a potential upside of 27.75% from the stock's current price.

WAL has been the subject of several other reports. Stephens reissued an "overweight" rating and issued a $82.00 target price on shares of Western Alliance Bancorporation in a report on Friday. JPMorgan Chase & Co. reduced their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "overweight" rating for the company in a research note on Thursday, April 4th. Wells Fargo & Company lowered their target price on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 10th. DA Davidson reiterated a "buy" rating and issued a $85.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Finally, StockNews.com downgraded shares of Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a research report on Saturday, March 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Western Alliance Bancorporation has an average rating of "Moderate Buy" and a consensus price target of $70.88.

Western Alliance Bancorporation Stock Up 2.2 %

WAL stock traded up $1.27 during trading on Monday, hitting $58.71. 1,464,550 shares of the company's stock were exchanged, compared to its average volume of 1,472,616. The stock has a market capitalization of $6.47 billion, a price-to-earnings ratio of 8.56 and a beta of 1.47. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. The business has a 50-day moving average price of $59.41 and a two-hundred day moving average price of $56.71.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating analysts' consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same period last year, the firm posted $2.30 EPS. As a group, equities research analysts expect that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation in the 1st quarter worth about $27,000. GAMMA Investing LLC raised its holdings in Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider's stock valued at $32,000 after buying an additional 183 shares during the period. Parkside Financial Bank & Trust raised its holdings in Western Alliance Bancorporation by 422.2% in the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider's stock valued at $43,000 after buying an additional 760 shares during the period. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation during the fourth quarter valued at approximately $65,000. Finally, Fortitude Family Office LLC purchased a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $93,000. 79.15% of the stock is owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.