Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $76.00 at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price target dropped by analysts at Royal Bank of Canada from $78.00 to $76.00 in a report issued on Monday, Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Royal Bank of Canada's price objective points to a potential upside of 29.45% from the company's current price.

A number of other brokerages have also recently issued reports on WAL. Citigroup lifted their price objective on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a "buy" rating in a research note on Monday, January 29th. DA Davidson decreased their price target on Western Alliance Bancorporation from $85.00 to $78.00 and set a "buy" rating for the company in a research note on Monday. JPMorgan Chase & Co. decreased their price target 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. Barclays assumed coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They issued an "overweight" rating and a $91.00 price target for the company. Finally, Keefe, Bruyette & Woods decreased their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an "outperform" rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $70.88.

Western Alliance Bancorporation Stock Up 2.2 %

NYSE:WAL traded up $1.27 during trading hours on Monday, reaching $58.71. 1,464,550 shares of the company traded hands, compared to its average volume of 1,472,616. The business's 50-day moving average price is $59.41 and its two-hundred day moving average price is $56.71. The stock has a market capitalization of $6.47 billion, a P/E ratio of 8.56 and a beta of 1.47. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year 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.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same quarter in the previous year, the business earned $2.30 earnings per share. Analysts predict that Western Alliance Bancorporation will post 7.87 earnings per share for the current year.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds have recently bought and sold shares of WAL. National Bank of Canada FI grew its holdings in Western Alliance Bancorporation by 2,042.7% during the third quarter. National Bank of Canada FI now owns 66,425 shares of the financial services provider's stock valued at $2,958,000 after purchasing an additional 63,325 shares during the period. AE Wealth Management LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter worth about $1,173,000. SG Americas Securities LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter worth about $4,316,000. Impact Partnership Wealth LLC bought a new position in shares of Western Alliance Bancorporation in the third quarter worth about $146,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of Western Alliance Bancorporation by 9.5% in the third quarter. Handelsbanken Fonder AB now owns 17,360 shares of the financial services provider's stock worth $798,000 after acquiring an additional 1,500 shares during the period. Institutional investors own 79.15% of the company's stock.

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.