Western Alliance Bancorporation (NYSE:WAL) Now Covered by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo initiated coverage of Western Alliance Bancorporation with an “equal weight” rating and a $90 price target, implying approximately 11.9% upside from the stock’s reported $80.44 price.
• Analyst sentiment remains favorable overall, with 11 Buy ratings and four Holds producing a “Moderate Buy” consensus and an average price target of $95.47.
• Western Alliance reported quarterly EPS of $2.36, in line with estimates, while revenue of $995.7 million exceeded expectations and rose 17.7% year over year.

Wells Fargo & Company assumed coverage on shares of Western Alliance Bancorporation (NYSE:WAL - Get Free Report) in a research report issued to clients and investors on Monday. The firm set an "equal weight" rating and a $90.00 price target on the financial services provider's stock. Wells Fargo & Company's price target points to a potential upside of 11.88% from the company's current price.

WAL has been the subject of several other reports. Stifel Nicolaus set a $95.00 target price on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods boosted their price target on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. JPMorgan Chase & Co. increased their price objective on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Piper Sandler increased their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of "Moderate Buy" and an average target price of $95.47.

Western Alliance Bancorporation Stock Performance

NYSE WAL traded down $0.89 on Monday, hitting $80.44. 31,905 shares of the company traded hands, compared to its average volume of 1,190,346. The business's 50 day moving average price is $81.34 and its 200-day moving average price is $80.72. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $8.78 billion, a price-to-earnings ratio of 9.06, a P/E/G ratio of 0.78 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, hitting analysts' consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to analysts' expectations of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business's quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.07 earnings per share. Equities analysts expect that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Ben Mucha sold 5,946 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This represents a 63.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.76% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Citizens Financial Group Inc. RI acquired a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $522,000. BlackRock Inc. purchased a new position in shares of Western Alliance Bancorporation in the 2nd quarter worth $926,898,000. Pallas Capital Advisors LLC acquired a new position in Western Alliance Bancorporation in the second quarter valued at $741,000. Deutsche Bank AG acquired a new position in Western Alliance Bancorporation in the second quarter valued at $688,000. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of Western Alliance Bancorporation in the 2nd quarter worth about $612,000. 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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