Western Alliance Bancorporation (WAL) Earns “Buy” Rating from Royal Bank Of Canada
Royal Bank Of Canada reissued their buy rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note issued to investors on Friday. Royal Bank Of Canada currently has a $58.00 target price on the financial services provider’s stock.
Several other brokerages also recently commented on WAL. Zacks Investment Research downgraded Western Alliance Bancorporation from a hold rating to a sell rating in a report on Tuesday, June 27th. Jefferies Group LLC reissued a buy rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $58.00 target price on Western Alliance Bancorporation and gave the stock a buy rating in a report on Monday, June 26th. BidaskClub raised Western Alliance Bancorporation from a hold rating to a buy rating in a report on Wednesday, July 12th. Finally, Barclays PLC reissued an overweight rating and issued a $59.00 target price (up from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. Western Alliance Bancorporation currently has a consensus rating of Buy and a consensus target price of $57.50.
Shares of Western Alliance Bancorporation (NYSE WAL) opened at 45.32 on Friday. Western Alliance Bancorporation has a 52-week low of $35.56 and a 52-week high of $53.84. The company has a 50-day moving average price of $48.69 and a 200 day moving average price of $48.65. The firm has a market capitalization of $4.72 billion, a PE ratio of 16.37 and a beta of 1.75.
Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.73 by $0.03. The business had revenue of $203.19 million for the quarter, compared to the consensus estimate of $203.71 million. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. During the same period in the previous year, the business earned $0.62 EPS. Analysts expect that Western Alliance Bancorporation will post $3.04 EPS for the current fiscal year.
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In other Western Alliance Bancorporation news, Chairman Robert Gary Sarver sold 100,000 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the transaction, the chairman now owns 54,000 shares of the company’s stock, valued at approximately $2,611,980. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 7.95% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA lifted its holdings in Western Alliance Bancorporation by 72.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,060 shares in the last quarter. Winfield Associates Inc. lifted its holdings in Western Alliance Bancorporation by 0.6% during the 2nd quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock worth $168,000 after buying an additional 20 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Western Alliance Bancorporation by 15.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock worth $172,000 after buying an additional 469 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth $202,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth $207,000. 81.33% of the stock is currently owned by hedge funds and other institutional investors.
About Western Alliance Bancorporation
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposit, lending, treasury management, international banking and online banking products and services through its banking subsidiary, Western Alliance Bank (WAB or the Bank). The Company’s regional segments include Arizona, Nevada, Southern California and Northern California, which provide banking and related services to their respective markets.
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