Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $85.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has reduced the price target for Western Alliance Bancorporation (NYSE:WAL) from $90.00 to $85.00, indicating an "underweight" rating on the stock.
• Despite the downgrade, analysts predict a potential upside of 9.10% based on the new price target, with the average consensus price target for the stock at $101.57.
• Thirteen analysts have given Western Alliance a buy rating, while one has rated it as a sell, showcasing a generally positive outlook among market experts.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price objective lowered by research analysts at Wells Fargo & Company from $90.00 to $85.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the financial services provider's stock. Wells Fargo & Company's price target points to a potential upside of 9.10% from the company's previous close.

Other research analysts have also issued research reports about the company. Cowen started coverage on Western Alliance Bancorporation in a report on Wednesday, September 24th. They issued a "buy" rating on the stock. Piper Sandler increased their price target on Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a report on Monday, July 21st. Citigroup reiterated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Barclays restated an "overweight" rating on shares of Western Alliance Bancorporation in a report on Wednesday, October 8th. Finally, National Bankshares set a $118.00 target price on Western Alliance Bancorporation in a report on Wednesday, September 24th. Thirteen analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of "Moderate Buy" and a consensus price target of $101.57.

Western Alliance Bancorporation Trading Down 1.0%

NYSE WAL opened at $77.91 on Thursday. The business has a 50 day simple moving average of $85.34 and a 200 day simple moving average of $78.59. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The stock has a market capitalization of $8.60 billion, a P/E ratio of 9.63, a P/E/G ratio of 0.55 and a beta of 1.35. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Wednesday, February 14th. The financial services provider reported $1.91 EPS for the quarter. Western Alliance Bancorporation had a return on equity of 13.20% and a net margin of 17.14%.The business had revenue of $718.00 million during the quarter. Research analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in WAL. Halbert Hargrove Global Advisors LLC purchased a new stake in Western Alliance Bancorporation in the 3rd quarter worth about $26,000. Salomon & Ludwin LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth about $27,000. Tsfg LLC purchased a new position in shares of Western Alliance Bancorporation in the first quarter worth about $33,000. Hantz Financial Services Inc. increased its stake in shares of Western Alliance Bancorporation by 995.8% in the second quarter. Hantz Financial Services Inc. now owns 526 shares of the financial services provider's stock worth $41,000 after purchasing an additional 478 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth about $47,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

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.

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