Wells Fargo & Company Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $80.00

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price target dropped by equities researchers at Wells Fargo & Company from $95.00 to $80.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's target price would suggest a potential upside of 25.33% from the stock's previous close.

Several other brokerages have also recently weighed in on WAL. JPMorgan Chase & Co. reduced their price target on Western Alliance Bancorporation from $110.00 to $105.00 and set an "overweight" rating for the company in a research report on Tuesday, January 7th. StockNews.com raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research note on Tuesday, February 25th. UBS Group started coverage on shares of Western Alliance Bancorporation in a report on Tuesday, December 17th. They issued a "buy" rating and a $115.00 price target for the company. Piper Sandler upped their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Stephens reissued an "overweight" rating and set a $103.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, January 28th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $96.40.

Western Alliance Bancorporation Stock Performance

WAL traded up $0.62 during trading hours on Wednesday, hitting $63.83. The stock had a trading volume of 1,412,834 shares, compared to its average volume of 1,308,856. Western Alliance Bancorporation has a 1 year low of $53.75 and a 1 year high of $98.10. The company's fifty day simple moving average is $78.97 and its 200 day simple moving average is $84.55. The stock has a market cap of $7.05 billion, a PE ratio of 8.99, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 15.49% and a return on equity of 13.14%. Equities analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the stock. Ashton Thomas Private Wealth LLC increased its stake in Western Alliance Bancorporation by 3.8% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,114 shares of the financial services provider's stock valued at $260,000 after purchasing an additional 114 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Western Alliance Bancorporation by 56.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 117 shares in the last quarter. Fifth Third Bancorp raised its holdings in Western Alliance Bancorporation by 70.1% in the 4th quarter. Fifth Third Bancorp now owns 330 shares of the financial services provider's stock worth $28,000 after acquiring an additional 136 shares during the last quarter. Versant Capital Management Inc lifted its position in Western Alliance Bancorporation by 13.4% in the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the financial services provider's stock valued at $111,000 after acquiring an additional 157 shares in the last quarter. Finally, MidWestOne Financial Group Inc. increased its holdings in shares of Western Alliance Bancorporation by 0.6% in the 4th quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock worth $2,226,000 after purchasing an additional 160 shares in the last quarter. 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.