Western Alliance Bancorporation (NYSE:WAL – Get Rating)‘s stock had its “buy” rating restated by analysts at Truist Financial in a note issued to investors on Thursday, Benzinga reports. They presently have a $50.00 price target on the financial services provider’s stock. Truist Financial’s price objective points to a potential upside of 62.44% from the company’s current price.
Several other equities analysts have also recently weighed in on WAL. UBS Group began coverage on Western Alliance Bancorporation in a research note on Wednesday, March 15th. They set a “buy” rating and a $85.00 price objective on the stock. Stephens raised their price objective on Western Alliance Bancorporation from $80.00 to $86.00 in a research note on Thursday, January 26th. Wells Fargo & Company dropped their price objective on Western Alliance Bancorporation from $90.00 to $65.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 14th. Hovde Group dropped their price objective on Western Alliance Bancorporation from $65.00 to $55.00 in a research note on Thursday. Finally, Wedbush cut Western Alliance Bancorporation from an “outperform” rating to a “neutral” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.00.
Western Alliance Bancorporation Price Performance
Shares of WAL opened at $30.78 on Thursday. Western Alliance Bancorporation has a 12-month low of $7.46 and a 12-month high of $86.87. The business’s fifty day moving average is $57.23 and its 200 day moving average is $62.39. The company has a quick ratio of 0.98, a current ratio of 1.00 and a debt-to-equity ratio of 1.42. The stock has a market cap of $3.37 billion, a P/E ratio of 3.17, a P/E/G ratio of 0.35 and a beta of 1.36.
Insider Activity
In related news, insider Tim R. Bruckner sold 1,750 shares of Western Alliance Bancorporation stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total value of $128,030.00. Following the completion of the sale, the insider now owns 20,244 shares of the company’s stock, valued at approximately $1,481,051.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Tim R. Bruckner sold 1,750 shares of Western Alliance Bancorporation stock in a transaction dated Tuesday, February 21st. The stock was sold at an average price of $73.16, for a total value of $128,030.00. Following the completion of the sale, the insider now owns 20,244 shares of the company’s stock, valued at approximately $1,481,051.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Marianne Boyd Johnson acquired 2,475 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average cost of $25.79 per share, with a total value of $63,830.25. Following the acquisition, the director now owns 2,475 shares in the company, valued at approximately $63,830.25. The disclosure for this purchase can be found here. Insiders own 2.57% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the stock. Ronald Blue Trust Inc. bought a new position in Western Alliance Bancorporation in the 2nd quarter worth about $27,000. Benjamin Edwards Inc. bought a new position in Western Alliance Bancorporation in the 4th quarter worth about $26,000. CoreCap Advisors LLC bought a new position in Western Alliance Bancorporation in the 4th quarter worth about $38,000. IFP Advisors Inc boosted its stake in Western Alliance Bancorporation by 106.4% in the 3rd quarter. IFP Advisors Inc now owns 646 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 333 shares during the period. Finally, EverSource Wealth Advisors LLC bought a new position in Western Alliance Bancorporation in the 4th quarter worth about $40,000. Institutional investors own 84.68% of the company’s stock.
About Western Alliance Bancorporation
Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.
Further Reading
- Get a free copy of the StockNews.com research report on Western Alliance Bancorporation (WAL)
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