Truist Financial Increases Western Alliance Bancorporation (NYSE:WAL) Price Target to $93.00

Key Points

• Truist Financial raised Western Alliance Bancorporation’s price target from $90 to $93 and maintained a “Buy” rating, implying 9.81% upside from the prior close.
• Analyst sentiment remains positive, with 11 Buy ratings and four Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $94.41.
• Western Alliance reported quarterly EPS of $2.36, in line with estimates, while revenue of $995.7 million exceeded expectations and increased 17.7% year over year.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price increased by investment analysts at Truist Financial from $90.00 to $93.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective would indicate a potential upside of 9.81% from the company's previous close.

Other analysts also recently issued research reports about the company. Keefe, Bruyette & Woods increased their target price on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Piper Sandler lifted their price target on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an "overweight" rating in a research report on Friday. Barclays cut their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. raised their price objective on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "neutral" rating in a research note on Thursday. Finally, Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a research note on Thursday. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $94.41.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL traded up $1.58 during trading hours on Monday, hitting $84.69. 70,189 shares of the stock were exchanged, compared to its average volume of 1,214,556. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.85 and a quick ratio of 0.80. The company's 50 day moving average is $80.57 and its 200 day moving average is $81.17. The firm has a market capitalization of $9.25 billion, a P/E ratio of 9.54, a P/E/G ratio of 0.78 and a beta of 1.34. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting the consensus estimate of $2.36. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The firm had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same quarter last year, the firm posted $2.07 EPS. The business's quarterly revenue was up 17.7% on a year-over-year basis. On average, research analysts expect that Western Alliance Bancorporation will post 9.24 EPS for the current year.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the sale, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.76% of the stock is owned by corporate insiders.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently made changes to their positions in WAL. Clearstead Advisors LLC increased its stake in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 243 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at approximately $38,000. Assetmark Inc. boosted its holdings in Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 259 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at approximately $44,000. Finally, V Square Quantitative Management LLC bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at approximately $45,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

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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