Wedbush Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $105.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective increased by analysts at Wedbush from $90.00 to $105.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Wedbush’s price objective would suggest a potential upside of 24.71% from the company’s current price. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $1.85 EPS, FY2024 earnings at $7.35 EPS, Q1 2025 earnings at $1.94 EPS and Q2 2025 earnings at $2.13 EPS.

A number of other analysts have also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their price target on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a “hold” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 13th. Jefferies Financial Group increased their price target on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, July 3rd. Bank of America increased their price target on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Barclays increased their price target on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and a consensus target price of $87.40.

Western Alliance Bancorporation Trading Down 0.8 %

Shares of Western Alliance Bancorporation stock opened at $84.20 on Tuesday. The company has a fifty day simple moving average of $78.93 and a 200-day simple moving average of $67.42. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $88.92. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.63 and a beta of 1.44.

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

Insiders Place Their Bets

In related news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at $2,806,356.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares in the company, valued at approximately $650,843.43. The disclosure for this sale can be found here. Insiders have sold 21,265 shares of company stock valued at $1,700,391 in the last ninety days. Insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of WAL. Sanctuary Advisors LLC purchased a new stake in shares of Western Alliance Bancorporation during the second quarter valued at approximately $221,000. LHM Inc. increased its stake in shares of Western Alliance Bancorporation by 55.4% in the second quarter. LHM Inc. now owns 52,554 shares of the financial services provider’s stock worth $3,301,000 after buying an additional 18,740 shares during the last quarter. Creative Planning increased its stake in shares of Western Alliance Bancorporation by 6.1% in the second quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock worth $362,000 after buying an additional 330 shares during the last quarter. Algert Global LLC increased its stake in shares of Western Alliance Bancorporation by 18.8% in the second quarter. Algert Global LLC now owns 145,540 shares of the financial services provider’s stock worth $9,143,000 after buying an additional 22,989 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Western Alliance Bancorporation by 0.9% in the second quarter. The Manufacturers Life Insurance Company now owns 523,425 shares of the financial services provider’s stock worth $32,882,000 after buying an additional 4,801 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 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.