Western Alliance Bancorporation (NYSE:WAL) Lowered to Hold (C+) Rating by Weiss Ratings

Key Points

• Western Alliance Bancorporation was downgraded from a "buy (b-)" to a "hold (c+)" rating by Weiss Ratings, indicating a shift in market sentiment regarding the stock.
• Analysts have differing views on the stock, with some firms raising price targets, such as Royal Bank of Canada increasing theirs from $93.00 to $100.00, while others like Wells Fargo reduced theirs from $90.00 to $85.00.
• The company's stock increased by 2.2% to $78.75 during trading, reflecting ongoing trading activity despite a recent downgrade in its rating.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) was downgraded by investment analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a report released on Friday,Weiss Ratings reports.

A number of other brokerages also recently issued reports on WAL. Cowen began coverage on Western Alliance Bancorporation in a report on Wednesday, September 24th. They issued a "buy" rating for the company. Royal Bank Of Canada boosted their price objective on shares of Western Alliance Bancorporation from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, October 10th. Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an "underweight" rating on the stock in a research report on Thursday. TD Cowen initiated coverage on shares of Western Alliance Bancorporation in a research note on Thursday, September 25th. They set a "buy" rating and a $118.00 price target on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Western Alliance Bancorporation from $100.00 to $105.00 and gave the company an "overweight" rating in a research note on Wednesday, October 1st. Thirteen investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $101.20.

Western Alliance Bancorporation Stock Up 2.2%

Shares of NYSE:WAL traded up $1.66 during trading hours on Friday, reaching $78.75. The stock had a trading volume of 325,650 shares, compared to its average volume of 1,192,098. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10. The firm's 50 day moving average is $85.21 and its 200-day moving average is $78.70. The stock has a market capitalization of $8.69 billion, a price-to-earnings ratio of 9.73, a P/E/G ratio of 0.56 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.83.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings data on Wednesday, February 14th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter. The business had revenue of $718.00 million during the quarter. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. Research analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently made changes to their positions in WAL. Forum Financial Management LP increased its position in Western Alliance Bancorporation by 27.7% in the 3rd quarter. Forum Financial Management LP now owns 4,619 shares of the financial services provider's stock valued at $401,000 after acquiring an additional 1,002 shares during the period. SG Americas Securities LLC grew its stake in shares of Western Alliance Bancorporation by 568.0% in the 3rd quarter. SG Americas Securities LLC now owns 17,355 shares of the financial services provider's stock valued at $1,505,000 after purchasing an additional 14,757 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of 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. Byrne Asset Management LLC acquired a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $47,000. Finally, Penobscot Investment Management Company Inc. purchased a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $217,000. Institutional investors and hedge funds own 79.15% of the company's stock.

About Western Alliance Bancorporation

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.

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