Western Alliance Bancorp (NYSE:WAL) shares gapped up before the market opened on Thursday . The stock had previously closed at $33.71, but opened at $33.87. Western Alliance Bancorp shares last traded at $34.62, with a volume of 227,558 shares trading hands.

WAL has been the subject of several recent research reports. Piper Jaffray Cos. reissued a “buy” rating and set a $42.50 price target (up from $41.00) on shares of Western Alliance Bancorp in a research report on Monday, April 25th. Zacks Investment Research cut Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 25th. Finally, Longbow Research raised Western Alliance Bancorp from a “market perform” rating to an “outperform” rating in a research report on Wednesday, March 30th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $39.50.

The firm has a 50-day moving average price of $34.44 and a 200 day moving average price of $33.30. The stock has a market cap of $3.50 billion and a P/E ratio of 15.78.

Western Alliance Bancorp (NYSE:WAL) last issued its earnings results on Thursday, April 21st. The financial services provider reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.04. The firm earned $157.80 million during the quarter, compared to the consensus estimate of $164.23 million. During the same period in the previous year, the firm earned $0.45 earnings per share. The business’s quarterly revenue was up 45.0% on a year-over-year basis. Equities research analysts expect that Western Alliance Bancorp will post $2.53 EPS for the current year.

In other Western Alliance Bancorp news, EVP Robert Reoch Mcauslan sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $36.49, for a total transaction of $364,900.00. Following the completion of the sale, the executive vice president now directly owns 43,323 shares of the company’s stock, valued at approximately $1,580,856.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Marianne Boyd Johnson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 7th. The stock was sold at an average price of $37.76, for a total value of $188,800.00. Following the sale, the director now directly owns 7,795 shares of the company’s stock, valued at $294,339.20. The disclosure for this sale can be found here.

A number of hedge funds recently modified their holdings of WAL. ProShare Advisors LLC raised its stake in shares of Western Alliance Bancorp by 21.9% in the fourth quarter. ProShare Advisors LLC now owns 30,865 shares of the financial services provider’s stock worth $1,107,000 after buying an additional 5,546 shares in the last quarter. TD Asset Management Inc. raised its stake in shares of Western Alliance Bancorp by 11.3% in the fourth quarter. TD Asset Management Inc. now owns 38,500 shares of the financial services provider’s stock worth $1,381,000 after buying an additional 3,900 shares in the last quarter. Turner Investments L.P. bought a new stake in shares of Western Alliance Bancorp during the fourth quarter worth approximately $1,434,000. US Bancorp DE raised its stake in shares of Western Alliance Bancorp by 2.5% in the fourth quarter. US Bancorp DE now owns 61,487 shares of the financial services provider’s stock worth $2,205,000 after buying an additional 1,501 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of Western Alliance Bancorp by 16.6% in the fourth quarter. Great West Life Assurance Co. Can now owns 72,942 shares of the financial services provider’s stock worth $2,622,000 after buying an additional 10,400 shares in the last quarter.

Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.

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