Western Alliance Bancorporation (NYSE:WAL) Given New $106.00 Price Target at DA Davidson

Western Alliance Bancorporation (NYSE:WAL) had its price target lowered by DA Davidson from $110.00 to $106.00 in a report published on Wednesday morning,Benzinga reports. DA Davidson currently has a buy rating on the financial services provider’s stock.

WAL has been the topic of several other reports. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and lifted their price target for the stock from $83.00 to $101.00 in a research report on Monday, October 7th. Truist Financial cut their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Barclays raised their price target on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Finally, Wells Fargo & Company decreased their target price on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.07.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $88.25 on Wednesday. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10. The firm has a fifty day simple moving average of $88.13 and a 200-day simple moving average of $84.26. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $9.71 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.88 and a beta of 1.46.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Monday, January 27th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, sell-side analysts expect that Western Alliance Bancorporation will post 7.11 earnings per share for the current year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently made changes to their positions in the company. Legato Capital Management LLC lifted its holdings in Western Alliance Bancorporation by 11.5% during the 4th quarter. Legato Capital Management LLC now owns 23,817 shares of the financial services provider’s stock valued at $1,990,000 after purchasing an additional 2,465 shares during the last quarter. Compound Global Advisors LLC bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at approximately $1,116,000. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Western Alliance Bancorporation by 4.5% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,883,743 shares of the financial services provider’s stock worth $157,369,000 after acquiring an additional 81,238 shares in the last quarter. Generate Investment Management Ltd grew its position in Western Alliance Bancorporation by 0.7% during the 4th quarter. Generate Investment Management Ltd now owns 417,075 shares of the financial services provider’s stock worth $34,842,000 after acquiring an additional 2,772 shares during the last quarter. Finally, Silver Oak Securities Incorporated acquired a new stake in Western Alliance Bancorporation during the 4th quarter valued at $1,159,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.