Truist Financial Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $93.00

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price target cut by Truist Financial from $96.00 to $93.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Truist Financial's price objective suggests a potential upside of 13.35% from the company's previous close.

Several other brokerages have also commented on WAL. Stephens restated an "overweight" rating and issued a $92.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, April 22nd. DA Davidson dropped their price target on Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Citigroup boosted their price target on Western Alliance Bancorporation from $91.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Barclays upped their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their price objective on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.71.

Western Alliance Bancorporation Price Performance

NYSE:WAL traded up $2.03 during trading hours on Monday, hitting $82.04. 2,628,830 shares of the company's stock traded hands, compared to its average volume of 1,205,384. The firm has a market cap of $9.06 billion, a P/E ratio of 10.78, a P/E/G ratio of 0.58 and a beta of 1.29. Western Alliance Bancorporation has a 52 week low of $57.05 and a 52 week high of $98.10. The business's fifty day simple moving average is $77.09 and its two-hundred day simple moving average is $78.21. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The financial services provider reported $2.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The business had revenue of $836.21 million for the quarter, compared to the consensus estimate of $838.58 million. During the same quarter last year, the business posted $1.75 earnings per share. On average, research analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Institutional Trading of Western Alliance Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Western Alliance Bancorporation during the fourth quarter valued at approximately $109,298,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Western Alliance Bancorporation by 55.7% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,814,745 shares of the financial services provider's stock valued at $151,604,000 after buying an additional 648,983 shares during the period. Nuveen LLC purchased a new position in Western Alliance Bancorporation during the first quarter valued at approximately $45,486,000. Janus Henderson Group PLC increased its holdings in Western Alliance Bancorporation by 23.5% during the fourth quarter. Janus Henderson Group PLC now owns 2,341,553 shares of the financial services provider's stock valued at $195,616,000 after buying an additional 445,176 shares during the period. Finally, FJ Capital Management LLC increased its holdings in Western Alliance Bancorporation by 824.8% during the first quarter. FJ Capital Management LLC now owns 442,507 shares of the financial services provider's stock valued at $33,998,000 after buying an additional 394,660 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.