Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $87.00

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price lifted by stock analysts at JPMorgan Chase & Co. from $80.00 to $87.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 6.18% from the stock's previous close.

Several other research firms also recently weighed in on WAL. Barclays cut their price target on Western Alliance Bancorporation from $107.00 to $97.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company lowered their target price on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. DA Davidson reduced their price target on shares of 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. Stephens reissued an "overweight" rating and issued a $92.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, April 22nd. Finally, Truist Financial started coverage on Western Alliance Bancorporation in a research report on Tuesday, May 13th. They set a "buy" rating and a $92.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $96.38.

Western Alliance Bancorporation Price Performance

Shares of WAL traded up $3.96 during midday trading on Tuesday, hitting $81.94. The company's stock had a trading volume of 482,078 shares, compared to its average volume of 1,213,135. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 11.25, a price-to-earnings-growth ratio of 0.58 and a beta of 1.29. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 0.73. The company's fifty day simple moving average is $73.51 and its two-hundred day simple moving average is $78.31. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.01. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. The company had revenue of $790.10 million for the quarter, compared to analyst estimates of $792.25 million. During the same period in the prior year, the firm posted $1.72 EPS. As a group, equities analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several large investors have recently made changes to their positions in WAL. Ashton Thomas Private Wealth LLC lifted its stake in Western Alliance Bancorporation by 3.8% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 3,114 shares of the financial services provider's stock worth $260,000 after acquiring an additional 114 shares during the last quarter. Smartleaf Asset Management LLC increased its position in Western Alliance Bancorporation by 56.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 117 shares during the period. National Bank of Canada FI raised its stake in shares of Western Alliance Bancorporation by 22.7% during the first quarter. National Bank of Canada FI now owns 763 shares of the financial services provider's stock worth $59,000 after purchasing an additional 141 shares during the last quarter. MidWestOne Financial Group Inc. lifted its stake in shares of Western Alliance Bancorporation by 0.6% in the 4th quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider's stock worth $2,226,000 after acquiring an additional 160 shares during the period. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in Western Alliance Bancorporation by 5.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider's stock valued at $258,000 after purchasing an additional 166 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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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