Western Alliance Bancorporation (NYSE:WAL) Stock Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Western Alliance Bancorporation shares rose above their 50-day moving average, reaching $77.83 and last trading at $77.75, compared with a 50-day average of $77.14.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $92.18.
• The bank exceeded quarterly expectations, reporting $2.45 in adjusted EPS and $1.01 billion in revenue; revenue increased 8.1% year over year, while institutional investors own 79.15% of the stock.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) passed above its 50 day moving average during trading on Thursday. The stock has a 50 day moving average of $77.14 and traded as high as $77.83. Western Alliance Bancorporation shares last traded at $77.75, with a volume of 1,114,709 shares trading hands.

Analysts Set New Price Targets

Several analysts have recently issued reports on WAL shares. DA Davidson set a $107.00 price objective on Western Alliance Bancorporation in a report on Tuesday, October 20th. Truist Financial decreased their price target on Western Alliance Bancorporation from $93.00 to $84.00 and set a "buy" rating for the company in a research note on Friday, October 9th. TD Cowen dropped their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set a "hold" rating on the stock in a research note on Monday, October 5th. Piper Sandler set a $96.00 price target on Western Alliance Bancorporation in a report on Tuesday, October 20th. Finally, Citigroup decreased their price target on Western Alliance Bancorporation from $98.00 to $95.00 and set a "buy" rating for the company in a research note on Tuesday, September 22nd. Eleven investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $92.18.

Western Alliance Bancorporation Stock Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.84 and a quick ratio of 0.80. The firm has a fifty day simple moving average of $77.14 and a 200 day simple moving average of $80.03. The company has a market capitalization of $8.48 billion, a price-to-earnings ratio of 8.59, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Monday, October 19th. The financial services provider reported $2.45 EPS for the quarter, topping analysts' consensus estimates of $2.43 by $0.02. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $987.91 million. During the same quarter in the previous year, the company earned $2.28 earnings per share. The company's quarterly revenue was up 8.1% on a year-over-year basis. On average, analysts anticipate that Western Alliance Bancorporation will post 9.04 earnings per share for the current fiscal year.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Western Alliance Bancorporation during the second quarter worth $26,000. Fortitude Family Office LLC grew its position in Western Alliance Bancorporation by 173.5% in the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider's stock valued at $27,000 after buying an additional 229 shares during the last quarter. Assetmark Inc. increased its stake in Western Alliance Bancorporation by 86.0% in the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock valued at $40,000 after buying an additional 259 shares during the period. Compound Global Advisors LLC acquired a new position in Western Alliance Bancorporation in the 2nd quarter valued at $41,000. Finally, PenderFund Capital Management Ltd. acquired a new position in Western Alliance Bancorporation in the 2nd quarter valued at $43,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation NYSE: WAL is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial 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.