Piper Sandler Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $94.00

Key Points

• Piper Sandler cut its price target for Western Alliance to $94 (from $108) but kept an "overweight" rating — a target that implies about a 33.5% upside from the stock's prior close.
• Analyst consensus is a Moderate Buy (11 Buys, 4 Holds) with a consensus target of $95.13, keeping broad analyst expectations roughly aligned with Piper Sandler's view.
• Shares trade around $70.43; the firm recently beat EPS estimates ($2.59 vs. $2.40), reported 17% revenue growth, has a PE of 8.08, and about 79% of shares are held by institutional investors.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price objective lowered by investment analysts at Piper Sandler from $108.00 to $94.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price target would suggest a potential upside of 33.47% from the company's previous close.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and decreased their price target for the stock from $83.00 to $79.00 in a research note on Monday, March 9th. Jefferies Financial Group reissued an "overweight" rating and set a $105.00 price target 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 research report on Wednesday, January 28th. TD Cowen cut Western Alliance Bancorporation from a "buy" rating to a "hold" rating and set a $83.00 price target for the company. in a research note on Monday, March 9th. Finally, Citigroup reduced their price objective on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a "buy" rating on the stock in a research note on Monday, March 9th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $95.13.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock opened at $70.43 on Thursday. The stock's fifty day simple moving average is $82.03 and its 200 day simple moving average is $82.87. 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 company has a market capitalization of $7.74 billion, a PE ratio of 8.08, a PEG ratio of 0.61 and a beta of 1.37. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.40 by $0.19. The firm had revenue of $890.80 million during the quarter, compared to analysts' expectations of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The company's revenue was up 17.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 earnings per share. On average, research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several large investors have recently modified their holdings of WAL. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Western Alliance Bancorporation by 36.5% during the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 5,979,916 shares of the financial services provider's stock valued at $518,578,000 after buying an additional 1,599,537 shares in the last quarter. Norges Bank purchased a new stake in Western Alliance Bancorporation in the 4th quarter worth approximately $125,482,000. Price T Rowe Associates Inc. MD grew its position in shares of Western Alliance Bancorporation by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider's stock valued at $735,350,000 after purchasing an additional 777,369 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Western Alliance Bancorporation by 2,331.6% in the fourth quarter. AQR Capital Management LLC now owns 485,508 shares of the financial services provider's stock worth $40,817,000 after purchasing an additional 465,541 shares during the period. Finally, Perpetual Ltd bought a new position in Western Alliance Bancorporation in the 3rd quarter worth about $31,072,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

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.

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