DA Davidson Lowers Western Alliance Bancorporation (NYSE:WAL) Price Target to $90.00

Western Alliance Bancorporation (NYSE:WAL) had its target price lowered by DA Davidson from $93.00 to $90.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective would suggest a potential upside of 18.59% from the stock’s current price.

WAL has been the topic of a number of other research reports. National Alliance Securities restated a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. Weiss Ratings cut shares of Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. iA Financial set a $101.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, January 28th. Jefferies Financial Group reiterated an “overweight” rating and issued a $105.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. Finally, Citigroup dropped their price target on shares of Western Alliance Bancorporation from $103.00 to $96.00 and set a “buy” rating on the stock in a research note on Tuesday, April 28th. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average target price of $92.93.

Western Alliance Bancorporation Stock Down 2.2%

Shares of WAL stock traded down $1.67 during mid-day trading on Wednesday, reaching $75.89. 261,519 shares of the company’s stock traded hands, compared to its average volume of 1,283,604. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The company has a market cap of $8.25 billion, a P/E ratio of 8.84, a P/E/G ratio of 0.59 and a beta of 1.37. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.88. The company’s 50-day moving average price is $75.04 and its 200-day moving average price is $81.77.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The firm had revenue of $968.40 million for the quarter, compared to analysts’ expectations of $944.18 million. During the same quarter in the previous year, the business posted $1.79 EPS. The company’s quarterly revenue was up 31.0% on a year-over-year basis. On average, equities analysts expect that Western Alliance Bancorporation will post 9.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its position in shares of Western Alliance Bancorporation by 1.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 3,674,518 shares of the financial services provider’s stock valued at $318,655,000 after purchasing an additional 58,535 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. William Blair Investment Management LLC now owns 2,394,722 shares of the financial services provider’s stock valued at $207,670,000 after purchasing an additional 81,386 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in shares of Western Alliance Bancorporation during the 3rd quarter valued at about $13,339,000. M&T Bank Corp increased its position in shares of Western Alliance Bancorporation by 7,920.9% during the 4th quarter. M&T Bank Corp now owns 315,624 shares of the financial services provider’s stock valued at $26,535,000 after purchasing an additional 311,689 shares during the last quarter. Finally, MidWestOne Financial Group Inc. increased its position in shares of Western Alliance Bancorporation by 42.4% during the 3rd quarter. MidWestOne Financial Group Inc. now owns 36,559 shares of the financial services provider’s stock valued at $3,170,000 after purchasing an additional 10,887 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.