Barclays Forecasts Strong Price Appreciation for Western Alliance Bancorporation (NYSE:WAL) Stock

Western Alliance Bancorporation (NYSE:WAL) had its price objective hoisted by research analysts at Barclays from $97.00 to $100.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Barclays‘s price target would suggest a potential upside of 18.16% from the company’s previous close.

Several other analysts also recently commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Wells Fargo & Company reduced their target price on shares of Western Alliance Bancorporation from $95.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Royal Bank Of Canada cut their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an “outperform” rating for the company in a research report on Wednesday, April 23rd. Truist Financial assumed coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, May 13th. They set a “buy” rating and a $92.00 target price for the company. Finally, DA Davidson lowered their price objective on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $96.50.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $84.63 on Tuesday. The firm has a 50 day moving average of $75.57 and a 200-day moving average of $78.32. The stock has a market capitalization of $9.34 billion, a PE ratio of 11.61, a PEG ratio of 0.64 and a beta of 1.29. The company has a current ratio of 0.88, a quick ratio of 0.83 and a debt-to-equity ratio of 0.73. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.01. The business had revenue of $790.10 million during the quarter, compared to analysts’ expectations of $792.25 million. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. During the same period in the prior year, the company earned $1.72 EPS. On average, equities research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC increased its position in shares of Western Alliance Bancorporation by 3.8% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,114 shares of the financial services provider’s stock worth $260,000 after purchasing an additional 114 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Western Alliance Bancorporation by 56.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 326 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 117 shares during the last quarter. National Bank of Canada FI increased its position in shares of Western Alliance Bancorporation by 22.7% during the 1st quarter. National Bank of Canada FI now owns 763 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 141 shares during the last quarter. MidWestOne Financial Group Inc. increased its position in shares of Western Alliance Bancorporation by 0.6% during the 4th quarter. MidWestOne Financial Group Inc. now owns 26,646 shares of the financial services provider’s stock worth $2,226,000 after purchasing an additional 160 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Western Alliance Bancorporation by 5.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds 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.