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

Western Alliance Bancorporation (NYSE:WAL) had its price target raised by equities researchers at Wedbush from $90.00 to $105.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Wedbush’s target price suggests 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.

Other research analysts have also recently issued research reports about the stock. Bank of America raised their target price on shares of Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a “hold” rating in a report on Tuesday, July 23rd. Truist Financial raised their target price on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Royal Bank of Canada raised their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Finally, Piper Sandler lifted their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $84.20 on Tuesday. The company has a market cap of $9.27 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.63 and a beta of 1.44. Western Alliance Bancorporation has a twelve month low of $38.81 and a twelve month high of $88.92. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average of $78.93 and a two-hundred day moving average of $67.42.

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

Insider Activity

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $81.59, for a total transaction of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at $267,344. The disclosure for this sale can be found here. Insiders have sold a total of 21,265 shares of company stock worth $1,700,391 over the last 90 days. 2.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently bought and sold shares of WAL. Allspring Global Investments Holdings LLC purchased a new position in Western Alliance Bancorporation during the first quarter worth about $27,000. GAMMA Investing LLC increased its stake in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares during the period. ORG Partners LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $36,000. Chilton Capital Management LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $54,000. Finally, Versant Capital Management Inc increased its stake in Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after buying an additional 244 shares during the period. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.