Western Alliance Bancorporation (NYSE:WAL) Coverage Initiated by Analysts at Hovde Group

Equities researchers at Hovde Group initiated coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a report issued on Monday. The brokerage set an “outperform” rating and a $75.00 price target on the financial services provider’s stock. Hovde Group’s price target points to a potential upside of 29.89% from the stock’s current price.

A number of other research firms also recently commented on WAL. Truist Financial reaffirmed a “buy” rating and issued a $80.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. Barclays started coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They issued an “overweight” rating and a $91.00 target price for the company. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Wells Fargo & Company cut their target price on shares of 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, Citigroup lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.31.

Western Alliance Bancorporation Stock Up 0.5 %

WAL traded up $0.30 on Monday, hitting $57.74. The company had a trading volume of 123,358 shares, compared to its average volume of 1,455,848. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23. The stock has a fifty day simple moving average of $59.50 and a 200-day simple moving average of $56.60. The firm has a market capitalization of $6.36 billion, a P/E ratio of 8.43 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. During the same period last year, the business posted $2.30 earnings per share. As a group, equities analysts expect that Western Alliance Bancorporation will post 7.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted 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 acquiring an additional 183 shares in the last quarter. Riverwater Partners LLC boosted its stake in Western Alliance Bancorporation by 0.7% in the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after acquiring an additional 211 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Western Alliance Bancorporation by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after acquiring an additional 240 shares in the last quarter. Madison Asset Management LLC boosted its stake in Western Alliance Bancorporation by 0.4% in the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after acquiring an additional 297 shares in the last quarter. Finally, Peapack Gladstone Financial Corp boosted its stake in Western Alliance Bancorporation by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after acquiring an additional 303 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.