Western Alliance Bancorporation (NYSE:WAL) Given New $76.00 Price Target at Royal Bank of Canada

Western Alliance Bancorporation (NYSE:WAL) had its price target dropped by equities research analysts at Royal Bank of Canada from $78.00 to $76.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 29.58% from the company’s previous close.

Several other brokerages have also weighed in on WAL. Stephens restated an “overweight” rating and set a $82.00 target price on shares of Western Alliance Bancorporation in a research report on Friday. Barclays assumed coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They set an “overweight” rating and a $91.00 price target for the company. Wells Fargo & Company cut their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 10th. Truist Financial decreased their price target on Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a research note on Monday. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $70.88.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded up $1.21 during trading on Monday, reaching $58.65. The company had a trading volume of 574,495 shares, compared to its average volume of 1,460,818. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.93. The stock’s fifty day moving average price is $59.50 and its 200 day moving average price is $56.60. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23. The firm has a market capitalization of $6.46 billion, a price-to-earnings ratio of 8.57 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same quarter in the prior year, the firm earned $2.30 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of WAL. National Bank of Canada FI lifted its position in Western Alliance Bancorporation by 2,042.7% in the third quarter. National Bank of Canada FI now owns 66,425 shares of the financial services provider’s stock worth $2,958,000 after purchasing an additional 63,325 shares during the period. AE Wealth Management LLC bought a new position in Western Alliance Bancorporation in the third quarter worth $1,173,000. SG Americas Securities LLC bought a new position in Western Alliance Bancorporation in the third quarter worth $4,316,000. Impact Partnership Wealth LLC bought a new position in Western Alliance Bancorporation in the third quarter worth $146,000. Finally, Handelsbanken Fonder AB grew its holdings in shares of Western Alliance Bancorporation by 9.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 17,360 shares of the financial services provider’s stock worth $798,000 after purchasing an additional 1,500 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

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.