Stephens Reiterates Overweight Rating for Western Alliance Bancorporation (NYSE:WAL)

by · The Markets Daily

Western Alliance Bancorporation (NYSE:WAL – Get Free Report)‘s stock had its “overweight” rating reissued by equities research analysts at Stephens in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $102.00 price target on the financial services provider’s stock. Stephens’ price objective would indicate a potential upside of 16.44% from the stock’s current price.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. increased their price objective on Western Alliance Bancorporation from $100.00 to $107.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 9th. Bank of America lifted their target price on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler lifted their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Truist Financial upped their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a report on Friday, September 20th. Finally, Jefferies Financial Group increased their price target on Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.87.

Read Our Latest Research Report on WAL

Western Alliance Bancorporation Stock Down 6.7 %

NYSE WAL traded down $6.32 during trading on Friday, hitting $87.60. The company’s stock had a trading volume of 1,946,726 shares, compared to its average volume of 1,299,335. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $94.28. The company has a market cap of $9.64 billion, a PE ratio of 13.17, a P/E/G ratio of 1.35 and a beta of 1.44. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85. The business’s 50 day simple moving average is $82.36 and its 200-day simple moving average is $70.35.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same quarter in the previous year, the business earned $1.96 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, equities analysts anticipate that Western Alliance Bancorporation will post 7.41 EPS for the current fiscal year.

Insider Activity at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares in the company, valued at $267,344. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the transaction, the insider now directly owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at approximately $267,344. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by corporate insiders.

Institutional Trading of Western Alliance Bancorporation

Several large investors have recently modified their holdings of WAL. Teachers Retirement System of The State of Kentucky grew its holdings in Western Alliance Bancorporation by 41.0% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 30,400 shares of the financial services provider’s stock worth $2,000,000 after acquiring an additional 8,833 shares during the last quarter. GAMMA Investing LLC raised its stake in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares in the last quarter. Oak Thistle LLC bought a new stake in shares of Western Alliance Bancorporation during the first quarter worth about $201,000. Allspring Global Investments Holdings LLC bought a new position in shares of Western Alliance Bancorporation during the 1st quarter worth approximately $27,000. Finally, Principal Financial Group Inc. raised its position in shares of Western Alliance Bancorporation by 32.7% during the first quarter. Principal Financial Group Inc. now owns 9,019 shares of the financial services provider’s stock worth $579,000 after purchasing an additional 2,220 shares during the period. 79.15% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

(Get Free Report)

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.

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