Citigroup Issues Positive Forecast for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price upped by analysts at Citigroup from $91.00 to $95.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the financial services provider's stock. Citigroup's price target would suggest a potential upside of 11.56% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. DA Davidson cut their price target on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Barclays cut their price target on shares of Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Truist Financial initiated coverage on shares of Western Alliance Bancorporation in a report on Tuesday, May 13th. They issued a "buy" rating and a $92.00 price target for the company. Finally, Wall Street Zen raised shares of Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average price target of $96.29.

Western Alliance Bancorporation Stock Performance

Shares of WAL traded up $0.98 during trading hours on Wednesday, hitting $85.16. The stock had a trading volume of 778,278 shares, compared to its average volume of 1,221,985. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.83 and a current ratio of 0.88. The firm has a 50-day moving average price of $74.73 and a 200 day moving average price of $78.31. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 0.64 and a beta of 1.29.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. The firm had revenue of $790.10 million during the quarter, compared to analysts' expectations of $792.25 million. During the same period in the previous year, the business posted $1.72 EPS. As a group, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of WAL. HWG Holdings LP purchased a new stake in Western Alliance Bancorporation during the first quarter worth about $25,000. SBI Securities Co. Ltd. purchased a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its stake 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 worth $27,000 after buying an additional 117 shares during the period. Tsfg LLC purchased a new position in Western Alliance Bancorporation in the first quarter valued at approximately $33,000. Finally, Atala Financial Inc purchased a new position in Western Alliance Bancorporation in the fourth quarter valued at approximately $44,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.