Western Alliance Bancorp (WAL) Shares Gap Up to $33.87
Shares of Western Alliance Bancorp (NYSE:WAL) gapped up prior to trading 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 traded.
A number of analysts recently commented on the company. Piper Jaffray Cos. reiterated a “buy” rating and issued a $42.50 price objective (up from $41.00) on shares of Western Alliance Bancorp in a research report on Monday, April 25th. Zacks Investment Research lowered Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, March 29th. Finally, Longbow Research upgraded Western Alliance Bancorp from a “market perform” rating to an “outperform” rating in a report on Wednesday, March 30th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Western Alliance Bancorp currently has a consensus rating of “Buy” and a consensus price target of $39.50.
The firm has a market cap of $3.54 billion and a price-to-earnings ratio of 15.96. The firm’s 50-day moving average is $34.37 and its 200-day moving average is $33.29.
Western Alliance Bancorp (NYSE:WAL) last announced its quarterly earnings data on Thursday, April 21st. The financial services provider reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.04. The business had revenue of $157.80 million for the quarter, compared to the consensus estimate of $164.23 million. Western Alliance Bancorp’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, equities analysts forecast that Western Alliance Bancorp will post $2.53 earnings per share for the current fiscal year.
In related news, Director Marianne Boyd Johnson sold 5,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $37.76, for a total transaction of $188,800.00. Following the completion of the sale, the director now directly owns 7,795 shares in the company, valued at approximately $294,339.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William S. Boyd sold 2,018 shares of the company’s stock in a transaction on Monday, May 2nd. The stock was sold at an average price of $36.54, for a total value of $73,737.72. Following the sale, the director now owns 9,500 shares of the company’s stock, valued at $347,130. The disclosure for this sale can be found here.
Several large investors recently modified their holdings of WAL. ProShare Advisors LLC boosted 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 valued at $1,107,000 after buying an additional 5,546 shares during the last quarter. TD Asset Management Inc. boosted its stake in 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 valued at $1,381,000 after buying an additional 3,900 shares in the last quarter. Turner Investments L.P. acquired a new stake in Western Alliance Bancorp during the fourth quarter valued at approximately $1,434,000. US Bancorp DE boosted its stake in 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 valued at $2,205,000 after buying an additional 1,501 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its stake in 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 valued at $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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