Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $93.00

Key Points

• JPMorgan raised its price target on Western Alliance Bancorporation to $93 from $90 and kept a neutral rating, implying about 13% upside from the current share price.
• Other analysts remain broadly positive: the stock has 11 Buy ratings and 4 Hold ratings, with a consensus price target of $94.41.
• Western Alliance reported Q2 EPS of $2.36, matching estimates, while revenue came in at $995.7 million, above expectations and up 17.7% from a year earlier.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $90.00 to $93.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 12.96% from the stock's current price.

WAL has been the subject of several other research reports. Weiss Ratings upgraded shares of Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. Citigroup upped their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. Stifel Nicolaus set a $95.00 price objective on Western Alliance Bancorporation in a report on Thursday. DA Davidson set a $36.00 price objective on shares of Western Alliance Bancorporation in a research note on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $94.41.

Western Alliance Bancorporation Stock Down 1.3%

Shares of WAL stock traded down $1.08 during trading hours on Thursday, reaching $82.33. The company had a trading volume of 967,840 shares, compared to its average volume of 1,215,541. The company has a market cap of $8.99 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 0.73 and a beta of 1.34. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The business has a fifty day simple moving average of $80.26 and a 200-day simple moving average of $81.22.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts' consensus estimates of $2.36. Western Alliance Bancorporation had a return on equity of 13.52% and a net margin of 17.20%.The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. During the same period in the prior year, the firm posted $2.07 EPS. Western Alliance Bancorporation's quarterly revenue was up 17.7% compared to the same quarter last year. On average, research analysts expect that Western Alliance Bancorporation will post 9.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the company's stock in a transaction dated 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 $282,285. This represents a 63.05% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.76% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds have recently made changes to their positions in the company. Clearstead Advisors LLC lifted its holdings in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 243 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Western Alliance Bancorporation in the 4th quarter valued at $38,000. Assetmark Inc. boosted its holdings in Western Alliance Bancorporation by 86.0% during the first quarter. Assetmark Inc. now owns 560 shares of the financial services provider's stock worth $40,000 after buying an additional 259 shares in the last quarter. Leonteq Securities AG purchased a new stake in Western Alliance Bancorporation during the fourth quarter worth $44,000. Finally, V Square Quantitative Management LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter valued at $45,000. 79.15% of the stock is owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

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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