Piper Sandler has raised its target price by $ 9 on Western Alliance Bancorporation (NYSE:WAL) to $ 51.00 from the previous mark of $ 42.00, suggesting the upside potential of more than 21 percent from the existing levels. However, the brokerage has maintained its Overweight rating on the stock, Benzinga reported.
Shares of Western Alliance Bancorporation traded up $ 1.70 or 4.20 percent on Friday, reaching $ 42.15 with volume of 1.57 million shares. Western Alliance Bancorporation has traded high as $ 42.78 and has cracked $ 40.36 on the downward trend According to the previous trading day, closing price of $ 42.15, representing a 93.54 % increase from the 52 week low of $ 20.90 and a 31.37 % decrease over the 52 week high of $ 58.94.
With respect to the key metrics, Western Alliance Bancorporation stock has advanced $ 6.43 or 18.00 percent, reaching $ 35.72 during the simple moving average (SMA) period of 200 days. Similarly, the stock has increased $ 7.07 or 20.00 percent, before arriving at $ 35.08 during the SMA50-day period.
Western Alliance Bancorporation recently reported third quarter financial results on October 22, 2020, after market close, the Phoenix based company announced income for the third quarter of $ 1.36 per share, from the revenue of $ 305.34 million. The quarterly earnings boosted 9.68 percent while revenues elevated 6.81 percent compared with the same quarter last year. The consensus estimates are income of $ 1.04 per share from $ 311.94 million in revenue. The bottom line results beat street analysts by $ 0.32 or 30.77 percent, at the same time, top line results fell short of analysts by $ 6.6 million or 2.12 percent.
Moving ahead, the consensus estimates from Thomson Reuters for the third quarter are income of $ 1.04 per share from $ 311.94 million in revenue. For the full year, analysts predict revenues of $ 1226.60 million, while looking forward to income of $ 3.90 per share.
Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts. It also offers commercial and industrial loan products, such as working capital lines of credit, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans; commercial real estate loans, which are secured by multi-family residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties; construction and land development loans for single family and multi-family residential projects, industrial/warehouse properties, office buildings, retail centers, medical office facilities, and residential lot developments; and consumer loans.