Stephens Reiterates “Overweight” Rating for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL)‘s stock had its “overweight” rating restated by research analysts at Stephens in a research note issued on Friday, Benzinga reports. They currently have a $82.00 target price on the financial services provider’s stock. Stephens’ price objective would indicate a potential upside of 42.76% from the stock’s previous close.

A number of other research analysts have also recently weighed in on WAL. JPMorgan Chase & Co. dropped their 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 4th. 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 29th. Royal Bank of Canada restated an “outperform” rating and issued a $78.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. Wells Fargo & Company dropped their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. Finally, StockNews.com cut 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 assigned 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.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock 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 business 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 P/E ratio of 8.37 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS 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. During the same quarter last year, the company earned $2.30 earnings per share. As a group, analysts predict that Western Alliance Bancorporation will post 7.88 earnings per share for the current fiscal year.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation in the 1st quarter valued at about $27,000. Oak Thistle LLC purchased a new stake in Western Alliance Bancorporation in the 1st quarter valued at about $201,000. GAMMA Investing LLC grew its holdings in Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares during the period. Congress Asset Management Co. MA grew its holdings in Western Alliance Bancorporation by 0.6% in the 4th quarter. Congress Asset Management Co. MA now owns 216,832 shares of the financial services provider’s stock valued at $14,265,000 after buying an additional 1,270 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Western Alliance Bancorporation in the 4th quarter valued at about $873,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.