Stephens Reiterates ‘Overweight’ Rating for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL – Get a Free Report)The stock’s “overweight” rating was updated by research analysts at Stephens in a research note issued on Friday, Benzinga reports. They currently have a target price of $82.00 on the financial services company’s stock. Stephens’ price target would indicate a potential upside of 42.76% from the stock’s previous closing price.

A number of other research analysts have also spoken out about WAL recently. JPMorgan Chase & Co. lowered his price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 4. Citigroup raised their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, January 29. Royal Bank of Canada reiterated an “outperform” rating and issued a $78.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9. Wells Fargo & Company lowered their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equalweight” rating for the company in a research report on Wednesday, April 10. Finally, StockNews.com downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.36.

Read our latest research report on the Western Alliance banking corporation

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation opened at $57.44 on Friday. Western Alliance Bancorporation has a one-year low of $11.35 and a one-year high of $70.23. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company has a fifty-day moving average of $59.50 and a two-hundred-day moving average of $56.51. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 8.37 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last reported its earnings results on Friday, April 19. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. In the same quarter last year, the company posted earnings per share of $2.30. As a group, analysts predict that Western Alliance Bancorporation will post earnings per share of 7.88 for the current fiscal year.

Institutional trading in the Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new stake in Western Alliance Bancorporation in the first quarter worth approximately $27,000. Oak Thistle LLC bought a new stake in Western Alliance Bancorporation in the first quarter worth approximately $201,000. GAMMA Investing LLC grew its stake in Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 183 shares during the period. Congress Asset Management Co. MA increased its stake in Western Alliance Bancorporation by 0.6% in the fourth quarter. Congress Asset Management Co. MA now owns 216,832 shares of the financial services provider’s stock valued at $14,265,000 after purchasing an additional 1,270 shares during the period. Finally, Virtu Financial LLC bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at approximately $873,000. Hedge funds and other institutional investors own 79.15% of the company’s shares.

Western Alliance Bancorporation Company Profile

(Get a free report)

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank and 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 term deposit account certificates; demand deposits; and products and services in the field of treasury management and residential mortgages.

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