Truist Financial Forecasts Strong Price Appreciation for Western Alliance Bancorporation (NYSE:WAL) Stock

Key Points

• Truist Financial has raised its price target for Western Alliance Bancorporation (NYSE:WAL) from $92 to $93, indicating a potential upside of 19.46% from its current price.
• Western Alliance Bancorporation has received a majority of buy ratings from analysts, with a current average rating of "Moderate Buy" and an overall average target price of $101.64.
• As of the latest trading, shares of Western Alliance Bancorporation are valued at $77.85, with a market capitalization of $8.59 billion and significant institutional interest in the stock.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price objective lifted by equities researchers at Truist Financial from $92.00 to $93.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price target suggests a potential upside of 19.46% from the stock's current price.

A number of other brokerages have also recently commented on WAL. Wells Fargo & Company decreased their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an "underweight" rating on the stock in a research report on Thursday. Cowen initiated coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, September 24th. They set a "buy" rating for the company. DA Davidson boosted their price objective on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research report on Monday, July 21st. Weiss Ratings restated a "buy (b-)" rating on shares of Western Alliance Bancorporation in a research report on Wednesday, October 8th. Finally, Citigroup restated a "neutral" rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $101.64.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL traded down $0.87 during trading on Thursday, reaching $77.85. 122,453 shares of the company traded hands, compared to its average volume of 1,190,374. The firm has a market capitalization of $8.59 billion, a PE ratio of 9.61, a PEG ratio of 0.55 and a beta of 1.35. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week 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 company's 50 day moving average is $85.34 and its two-hundred day moving average is $78.59.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The financial services provider reported $1.91 EPS for the quarter. Western Alliance Bancorporation had a return on equity of 13.20% and a net margin of 17.14%.The company had revenue of $718.00 million for the quarter. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Invesco Ltd. increased its holdings in shares of Western Alliance Bancorporation by 5.9% during the first quarter. Invesco Ltd. now owns 6,076,021 shares of the financial services provider's stock worth $466,821,000 after buying an additional 339,758 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.8% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,604,755 shares of the financial services provider's stock worth $276,954,000 after buying an additional 26,995 shares in the last quarter. William Blair Investment Management LLC increased its holdings in Western Alliance Bancorporation by 0.9% in the second quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider's stock valued at $180,394,000 after purchasing an additional 20,704 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in Western Alliance Bancorporation by 11.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,194,630 shares of the financial services provider's stock valued at $190,318,000 after purchasing an additional 223,425 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Western Alliance Bancorporation by 5.4% in the second quarter. Geode Capital Management LLC now owns 2,035,515 shares of the financial services provider's stock valued at $158,755,000 after purchasing an additional 104,182 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.