Western Alliance Bancorporation (NYSE:WAL – Get Free Report) had its price target upped by investment analysts at Truist Financial from $90.00 to $93.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s target price would suggest a potential upside of 9.81% from the company’s current price.
Other equities analysts have also issued reports about the stock. Piper Sandler boosted their price target on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday. DA Davidson set a $36.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday. Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a report on Thursday. Stephens set a $95.00 price target on Western Alliance Bancorporation and gave the stock an “overweight” rating in a research report on Thursday. Finally, Barclays dropped their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.41.
Check Out Our Latest Analysis on WAL
Western Alliance Bancorporation Price Performance
Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share for the quarter, hitting the consensus estimate of $2.36. The business had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.07 EPS. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 9.24 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.76% of the stock is owned by company insiders.
Institutional Investors Weigh In On Western Alliance Bancorporation
A number of institutional investors and hedge funds have recently made changes to their positions in WAL. Clearstead Advisors LLC lifted its stake in shares of Western Alliance Bancorporation by 144.6% during 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 stake in Western Alliance Bancorporation in the fourth quarter worth about $38,000. Leonteq Securities AG acquired a new stake in Western Alliance Bancorporation in the fourth quarter worth about $44,000. V Square Quantitative Management LLC bought a new stake in Western Alliance Bancorporation during the 4th quarter worth about $45,000. Finally, Allworth Financial LP raised its holdings in Western Alliance Bancorporation by 39.3% during the 4th quarter. Allworth Financial LP now owns 557 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 157 shares during the last quarter. Institutional investors own 79.15% of the company’s stock.
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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