Truist Financial Trims Western Alliance Bancorporation (NYSE:WAL) Target Price to $74.00

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by Truist Financial from $75.00 to $74.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target points to a potential upside of 18.51% from the company’s previous close.

Other equities analysts have also issued reports about the company. Barclays cut their target price on Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 23rd. Stephens reissued an “overweight” rating and issued a $82.00 price objective on shares of Western Alliance Bancorporation in a report on Friday, April 19th. Hovde Group started coverage on Western Alliance Bancorporation in a research report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price for the company. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Finally, Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $75.29.

Western Alliance Bancorporation Price Performance

WAL opened at $62.44 on Monday. The company has a 50 day moving average of $61.71 and a two-hundred day moving average of $61.29. Western Alliance Bancorporation has a 52-week low of $37.25 and a 52-week high of $70.23. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The company has a market cap of $6.88 billion, a P/E ratio of 9.10, a P/E/G ratio of 1.19 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. During the same period last year, the company posted $2.30 earnings per share. On average, analysts expect that Western Alliance Bancorporation will post 7.44 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the transaction, the chief accounting officer now owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $27,000. GAMMA Investing LLC grew its holdings in shares of Western Alliance Bancorporation by 57.4% during the first 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 in the last quarter. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation during the fourth quarter valued at $65,000. Versant Capital Management Inc lifted its stake in Western Alliance Bancorporation by 26.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Western Alliance Bancorporation by 49.1% during the 4th quarter. Parkside Financial Bank & Trust now owns 1,402 shares of the financial services provider’s stock valued at $92,000 after acquiring an additional 462 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other 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.