Penobscot Investment Management Company Inc. boosted its stake in shares of Western Alliance Bancorporation (NYSE:WAL – Free Report) by 278.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,471 shares of the financial services provider’s stock after buying an additional 6,971 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Western Alliance Bancorporation were worth $711,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Western Alliance Bancorporation by 4.2% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the financial services provider’s stock worth $237,000 after buying an additional 134 shares during the period. Wedmont Private Capital raised its holdings in shares of Western Alliance Bancorporation by 2.9% during the third quarter. Wedmont Private Capital now owns 6,510 shares of the financial services provider’s stock valued at $492,000 after acquiring an additional 184 shares during the period. Fortitude Family Office LLC raised its holdings in shares of Western Alliance Bancorporation by 173.5% during the third quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 229 shares during the period. Signaturefd LLC lifted its position in shares of Western Alliance Bancorporation by 12.2% in the 3rd quarter. Signaturefd LLC now owns 2,154 shares of the financial services provider’s stock valued at $162,000 after acquiring an additional 235 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Western Alliance Bancorporation by 10.5% in the 3rd quarter. Versant Capital Management Inc now owns 2,544 shares of the financial services provider’s stock valued at $191,000 after acquiring an additional 241 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have weighed in on WAL. Stifel Nicolaus set a $95.00 price objective on shares of Western Alliance Bancorporation in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods reduced their target price on Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating for the company in a report on Wednesday, October 21st. Citigroup reduced their target price on Western Alliance Bancorporation from $98.00 to $95.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Wednesday, October 21st. Finally, Truist Financial lowered their price target on Western Alliance Bancorporation from $93.00 to $84.00 and set a “buy” rating on the stock in a report on Friday, October 9th. Eleven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.18.
Read Our Latest Stock Analysis on WAL
Western Alliance Bancorporation Price Performance
NYSE WAL opened at $75.89 on Thursday. The company has a 50 day simple moving average of $77.19 and a 200-day simple moving average of $80.09. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.84 and a quick ratio of 0.80. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 8.39, a price-to-earnings-growth ratio of 0.78 and a beta of 1.42. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings results on Monday, October 19th. The financial services provider reported $2.45 EPS for the quarter, topping the consensus estimate of $2.43 by $0.02. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $987.91 million. During the same period last year, the company posted $2.28 earnings per share. The firm’s quarterly revenue was up 8.1% compared to the same quarter last year. Equities research analysts predict that Western Alliance Bancorporation will post 9.04 earnings per share for the current fiscal year.
About Western Alliance Bancorporation
Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.
Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.
The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.
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