DA Davidson Has Lowered Expectations for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL) had its price objective dropped by investment analysts at DA Davidson from $110.00 to $106.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price objective indicates a potential upside of 20.11% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Barclays lifted their price objective on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Piper Sandler decreased their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating on the stock in a report on Monday, October 21st. JPMorgan Chase & Co. reduced their target price on Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Wells Fargo & Company dropped their price target on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Monday, January 6th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their target price for the stock from $83.00 to $101.00 in a report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $96.13.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded down $0.92 on Wednesday, hitting $88.25. The company’s stock had a trading volume of 1,493,357 shares, compared to its average volume of 1,357,084. The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 0.88 and a beta of 1.46. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10. The stock’s 50-day moving average is $88.13 and its two-hundred day moving average is $84.26.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Monday, January 27th. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.92 by $0.03. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. On average, equities research analysts forecast that Western Alliance Bancorporation will post 7.11 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in WAL. AQR Capital Management LLC raised its position in Western Alliance Bancorporation by 119.5% during the second quarter. AQR Capital Management LLC now owns 252,690 shares of the financial services provider’s stock valued at $15,596,000 after purchasing an additional 137,577 shares in the last quarter. Creative Planning boosted its stake in Western Alliance Bancorporation by 6.1% in the second quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock valued at $362,000 after buying an additional 330 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Western Alliance Bancorporation in the second quarter valued at about $221,000. SG Americas Securities LLC acquired a new position in Western Alliance Bancorporation during the third quarter worth about $722,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Western Alliance Bancorporation by 124.1% in the third quarter. GAMMA Investing LLC now owns 1,134 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 628 shares during the last quarter. 79.15% of the stock is currently owned by 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.