Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $93.00 by Analysts at DA Davidson

Key Points

• DA Davidson cut its price target for Western Alliance Bancorporation from $105 to $93 while maintaining a "buy" rating, implying roughly a 26% upside from the prior close.
• Analyst consensus remains a Moderate Buy with an average target of $99.40, based on 12 Buy and 3 Hold ratings.
• Western Alliance recently beat quarterly EPS estimates, reporting $2.59 vs. consensus $2.40 and showing 17% revenue growth year‑over‑year, though revenue slightly missed forecasts.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price lowered by equities research analysts at DA Davidson from $105.00 to $93.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the financial services provider's stock. DA Davidson's target price suggests a potential upside of 26.03% from the company's previous close.

Several other equities research analysts have also weighed in on WAL. Wells Fargo & Company upgraded shares of Western Alliance Bancorporation from an "underweight" rating to an "equal weight" rating and cut their target price for the stock from $83.00 to $79.00 in a report on Monday. Keefe, Bruyette & Woods boosted their target price on Western Alliance Bancorporation from $98.00 to $101.00 and gave the company an "outperform" rating in a research note on Wednesday, January 28th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Citigroup cut their price objective on Western Alliance Bancorporation from $107.00 to $103.00 and set a "buy" rating on the stock in a report on Monday. Finally, iA Financial set a $101.00 price objective on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of "Moderate Buy" and an average target price of $99.40.

Western Alliance Bancorporation Trading Up 0.5%

Western Alliance Bancorporation stock traded up $0.40 during trading hours on Tuesday, reaching $73.79. 248,162 shares of the company's stock traded hands, compared to its average volume of 1,324,684. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of 8.47, a PEG ratio of 0.63 and a beta of 1.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $97.23. The firm's 50 day moving average is $88.35 and its 200-day moving average is $85.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, topping analysts' consensus estimates of $2.40 by $0.19. The business had revenue of $890.80 million during the quarter, compared to the consensus estimate of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. Western Alliance Bancorporation's revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.95 earnings per share. On average, analysts predict that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC increased its stake in shares of Western Alliance Bancorporation by 71.2% in the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after buying an additional 3,249 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Western Alliance Bancorporation by 513.5% in the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock worth $133,000 after acquiring an additional 1,448 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Western Alliance Bancorporation by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after acquiring an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Western Alliance Bancorporation by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock valued at $26,701,000 after purchasing an additional 35,276 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Western Alliance Bancorporation by 1.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 47,009 shares of the financial services provider's stock worth $3,666,000 after purchasing an additional 455 shares during the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.