TD Cowen Begins Coverage on Western Alliance Bancorporation (NYSE:WAL)

Key Points

• TD Cowen has initiated coverage on Western Alliance Bancorporation (NYSE: WAL) with a buy rating and a target price of $118.00, indicating a potential upside of 32.41% from its previous close.
• Western Alliance’s stock has seen a twelve-month low of $57.05 and a high of $98.10, with the company reporting earnings of $2.07 per share for the last quarter, slightly exceeding analysts' expectations.
• Overall, the stock has a consensus rating of "Moderate Buy" from analysts, with twelve giving it a buy rating and one a hold rating.

TD Cowen started coverage on shares of Western Alliance Bancorporation (NYSE:WAL - Get Free Report) in a research report issued on Thursday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $118.00 price target on the financial services provider's stock. TD Cowen's target price indicates a potential upside of 32.41% from the company's previous close.

Other research analysts have also recently issued reports about the company. DA Davidson lifted their price target on Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Wells Fargo & Company lowered their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Monday, July 21st. JPMorgan Chase & Co. boosted their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Piper Sandler lifted their target price on Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an "overweight" rating in a research report on Monday, July 21st. Finally, Truist Financial reduced their target price on Western Alliance Bancorporation from $96.00 to $93.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Twelve analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $98.71.

Western Alliance Bancorporation Stock Performance

WAL stock opened at $89.12 on Thursday. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The business's fifty day simple moving average is $84.87 and its two-hundred day simple moving average is $77.76. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of 11.71, a PEG ratio of 0.62 and a beta of 1.39.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.04 by $0.03. The business had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.During the same quarter in the prior year, the company earned $1.75 EPS. Analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Insider Activity

In related news, insider Tim R. Bruckner sold 2,500 shares of the business's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the sale, the insider owned 24,759 shares in the company, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.68% of the company's stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of WAL. HWG Holdings LP purchased a new stake in shares of Western Alliance Bancorporation in the 1st quarter valued at $25,000. Tsfg LLC purchased a new stake in shares of Western Alliance Bancorporation in the 1st quarter valued at $33,000. Hantz Financial Services Inc. increased its holdings in Western Alliance Bancorporation by 995.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 526 shares of the financial services provider's stock worth $41,000 after purchasing an additional 478 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in Western Alliance Bancorporation by 241.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 713 shares of the financial services provider's stock worth $56,000 after purchasing an additional 504 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Western Alliance Bancorporation during the 1st quarter worth about $58,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Company Profile

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.

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