Western Alliance Bancorporation (WAL) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $51.00 target price on the financial services provider’s stock.
According to Zacks, “Western Alliance Bancorporation is the parent company of BankWest of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Miller/Russell & Associates, and Premier Trust. These dynamic companies provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers’ needs than larger institutions. “
A number of other analysts have also weighed in on WAL. Jefferies Group LLC restated a buy rating and set a $58.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, May 15th. Keefe, Bruyette & Woods set a $58.00 price objective on shares of Western Alliance Bancorporation and gave the stock a buy rating in a report on Monday, June 26th. BidaskClub downgraded shares of Western Alliance Bancorporation from a hold rating to a sell rating in a report on Tuesday, June 27th. Barclays PLC reissued an overweight rating and issued a $59.00 price objective (up previously from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. Finally, SunTrust Banks, Inc. began coverage on shares of Western Alliance Bancorporation in a report on Friday, August 18th. They set a buy rating and a $59.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the company. Western Alliance Bancorporation currently has a consensus rating of Buy and an average price target of $57.00.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 47.29 on Tuesday. Western Alliance Bancorporation has a 1-year low of $35.56 and a 1-year high of $53.84. The company has a market capitalization of $4.93 billion, a P/E ratio of 17.08 and a beta of 1.75. The firm has a 50-day moving average of $48.26 and a 200 day moving average of $48.48.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.03. The company had revenue of $203.19 million during the quarter, compared to analyst estimates of $203.71 million. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. During the same period last year, the business earned $0.62 EPS. On average, equities research analysts expect that Western Alliance Bancorporation will post $3.04 earnings per share for the current year.
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In other Western Alliance Bancorporation news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the completion of the sale, the chairman now directly owns 54,000 shares of the company’s stock, valued at $2,611,980. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 7.95% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its holdings in shares of Western Alliance Bancorporation by 72.1% during the second quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock valued at $125,000 after acquiring an additional 1,060 shares in the last quarter. Winfield Associates Inc. increased its holdings in Western Alliance Bancorporation by 0.6% in 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Western Alliance Bancorporation by 15.5% in 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 during the period. Raymond James Financial Services Advisors Inc. acquired a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $202,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $207,000. Hedge funds and other institutional investors own 81.33% of the company’s stock.
Western Alliance Bancorporation Company Profile
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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