Western Alliance Bancorporation (WAL) Given a $62.00 Price Target by Barclays PLC Analysts

Western Alliance Bancorporation (NYSE:WAL) has been given a $62.00 target price by investment analysts at Barclays PLC in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. Barclays PLC’s price objective indicates a potential upside of 16.15% from the stock’s previous close.

A number of other brokerages have also issued reports on WAL. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $56.00 price target on the stock in a research note on Saturday, September 23rd. Jefferies Group LLC reiterated a “buy” rating and set a $57.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Finally, Keefe, Bruyette & Woods set a $58.00 price target on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Monday, June 26th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $58.33.

Shares of Western Alliance Bancorporation (NYSE:WAL) traded down 0.95% on Wednesday, reaching $53.38. 402,435 shares of the company’s stock traded hands. Western Alliance Bancorporation has a 52 week low of $35.56 and a 52 week high of $54.29. The firm has a market capitalization of $5.56 billion, a P/E ratio of 19.28 and a beta of 1.75. The firm’s 50 day moving average is $49.53 and its 200 day moving average is $48.58.

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 Zacks’ consensus estimate of $0.73 by $0.03. The company had revenue of $203.19 million for 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 in the prior year, the firm earned $0.62 earnings per share. Analysts expect that Western Alliance Bancorporation will post $3.05 earnings per share for the current fiscal year.

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In other news, Chairman Robert Gary Sarver sold 100,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chairman now directly owns 54,000 shares of the company’s stock, valued at $2,611,980. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 7.95% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its position 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 worth $125,000 after buying an additional 1,060 shares in the last quarter. Winfield Associates Inc. grew its position in shares of Western Alliance Bancorporation by 0.6% during the second 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 grew its position in shares of Western Alliance Bancorporation by 15.5% during the second 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 shares of Western Alliance Bancorporation during the second quarter worth about $202,000. Finally, Stratos Wealth Partners LTD. acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth about $207,000. 81.23% of the stock is owned by institutional investors and hedge funds.

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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