TD Cowen Downgrades Western Alliance Bancorporation (NYSE:WAL) to Hold

Western Alliance Bancorporation (NYSE:WAL) was downgraded by research analysts at TD Cowen from a “buy” rating to a “hold” rating in a research note issued on Monday,Finviz reports. They currently have a $83.00 price target on the financial services provider’s stock. TD Cowen’s price objective suggests a potential upside of 12.25% from the company’s previous close.

Other analysts have also issued reports about the company. Barclays reaffirmed an “overweight” rating on shares of Western Alliance Bancorporation in a research note on Monday, February 2nd. iA Financial set a $101.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, January 28th. Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Jefferies Financial Group reiterated an “overweight” rating and set a $105.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday. Finally, UBS Group set a $106.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday, February 4th. Twelve investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.33.

Western Alliance Bancorporation Price Performance

WAL stock opened at $73.94 on Monday. The company’s 50-day moving average price is $88.58 and its two-hundred day moving average price is $85.29. The firm has a market cap of $8.12 billion, a P/E ratio of 8.47, a P/E/G ratio of 0.63 and a beta of 1.34. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The firm had revenue of $890.80 million for the quarter, compared to the consensus estimate of $912.69 million. During the same quarter last year, the business posted $1.95 EPS. The company’s revenue was up 17.0% compared to the same quarter last year. On average, analysts anticipate that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently added to or reduced their stakes in WAL. Halbert Hargrove Global Advisors LLC bought a new position in shares of Western Alliance Bancorporation during the third quarter valued at $26,000. Quent Capital LLC bought a new stake in shares of Western Alliance Bancorporation in the third quarter worth $26,000. Salomon & Ludwin LLC acquired a new stake in Western Alliance Bancorporation in the third quarter valued at $27,000. Root Financial Partners LLC bought a new position in Western Alliance Bancorporation during the 3rd quarter worth $27,000. Finally, Clearstead Advisors LLC raised its position in Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.