Western Alliance Bancorporation (NYSE:WAL) Given New $96.00 Price Target at Citigroup

Key Points

• Citigroup cut its price target on Western Alliance from $103 to $96 but kept a "buy" rating, implying roughly a 19.62% upside, while the Street consensus sits at a Moderate Buy with a mean target of $93.14.
• Western Alliance beat the quarter with $2.22 EPS vs. $1.48 expected and $968.4M in revenue (up 31% YoY); the stock trades around $80.26 with a P/E of 9.35 and a market cap of $8.72 billion.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price target decreased by analysts at Citigroup from $103.00 to $96.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Citigroup's target price suggests a potential upside of 19.62% from the company's previous close.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group restated an "overweight" rating and set a $105.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. DA Davidson restated a "buy" rating and set a $93.00 price objective on shares of Western Alliance Bancorporation in a research report on Wednesday, April 22nd. UBS Group raised their price objective on shares of Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a "neutral" rating in a research report on Monday. Keefe, Bruyette & Woods increased their target price on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Finally, Barclays reduced their target price on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating on the stock in a report on Tuesday, April 7th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.14.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL traded down $0.73 during trading on Tuesday, reaching $80.26. The company had a trading volume of 432,491 shares, compared to its average volume of 1,305,621. The company has a fifty day moving average of $76.73 and a two-hundred day moving average of $81.51. The company has a current ratio of 0.85, a quick ratio of 0.80 and a debt-to-equity ratio of 0.88. The stock has a market capitalization of $8.72 billion, a P/E ratio of 9.35, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.48 by $0.74. The firm had revenue of $968.40 million for the quarter, compared to analysts' expectations of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The business's quarterly revenue was up 31.0% on a year-over-year basis. During the same quarter last year, the company posted $1.79 EPS. Equities research analysts forecast that Western Alliance Bancorporation will post 9.81 earnings per share for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Western Alliance Bancorporation by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider's stock valued at $735,350,000 after buying an additional 777,369 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Western Alliance Bancorporation by 7.9% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider's stock valued at $542,286,000 after purchasing an additional 470,492 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Western Alliance Bancorporation by 3.4% during the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider's stock valued at $521,710,000 after purchasing an additional 197,854 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Western Alliance Bancorporation by 2.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,777,461 shares of the financial services provider's stock valued at $317,574,000 after purchasing an additional 102,943 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider's stock valued at $207,670,000 after purchasing an additional 81,386 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 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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