Zacks Investment Research downgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a buy rating to a hold rating in a report published on Thursday morning.
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 equities research analysts have also recently commented on WAL. BidaskClub upgraded Western Alliance Bancorporation from a hold rating to a buy rating in a report on Wednesday, July 12th. Barclays PLC reiterated an overweight rating and set a $59.00 target price (up previously from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. Jefferies Group LLC reiterated a buy rating and set a $57.00 target price on shares of Western Alliance Bancorporation in a report on Tuesday, July 25th. SunTrust Banks, Inc. initiated coverage on Western Alliance Bancorporation in a report on Friday, August 18th. They set a buy rating and a $59.00 target price on the stock. Finally, Royal Bank Of Canada reiterated a buy rating and set a $58.00 target price on shares of Western Alliance Bancorporation in a report on Friday, September 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $62.06.
Shares of Western Alliance Bancorporation (WAL) opened at $56.68 on Thursday. The firm has a market capitalization of $5,979.18, a P/E ratio of 19.21, a P/E/G ratio of 1.63 and a beta of 1.77. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.17. Western Alliance Bancorporation has a fifty-two week low of $36.48 and a fifty-two week high of $57.04.
Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $212.27 million. Western Alliance Bancorporation had a return on equity of 15.37% and a net margin of 36.16%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.66 EPS. analysts expect that Western Alliance Bancorporation will post 3.07 earnings per share for the current year.
In related news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total value of $4,837,000.00. Following the transaction, the chairman now directly owns 54,000 shares of the company’s stock, valued at approximately $2,611,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Reoch Mcauslan sold 4,000 shares of the stock in a transaction on Friday, October 27th. The stock was sold at an average price of $56.49, for a total value of $225,960.00. Following the completion of the transaction, the executive vice president now directly owns 23,200 shares in the company, valued at $1,310,568. The disclosure for this sale can be found here. Insiders sold a total of 269,000 shares of company stock worth $14,230,910 over the last ninety days. Corporate insiders own 7.95% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of WAL. BlackRock Inc. raised its position in shares of Western Alliance Bancorporation by 7,273.7% in the 1st quarter. BlackRock Inc. now owns 4,338,702 shares of the financial services provider’s stock worth $212,988,000 after buying an additional 4,279,862 shares during the period. Westwood Holdings Group Inc. raised its position in Western Alliance Bancorporation by 38.3% in the second quarter. Westwood Holdings Group Inc. now owns 2,480,947 shares of the financial services provider’s stock valued at $121,944,000 after purchasing an additional 686,665 shares during the period. Eagle Asset Management Inc. raised its position in Western Alliance Bancorporation by 532.8% in the second quarter. Eagle Asset Management Inc. now owns 721,972 shares of the financial services provider’s stock valued at $35,521,000 after purchasing an additional 607,885 shares during the period. Thrivent Financial For Lutherans raised its position in Western Alliance Bancorporation by 1,003.1% in the second quarter. Thrivent Financial For Lutherans now owns 572,292 shares of the financial services provider’s stock valued at $28,157,000 after purchasing an additional 520,412 shares during the period. Finally, Fiera Capital Corp raised its position in Western Alliance Bancorporation by 100.8% in the second quarter. Fiera Capital Corp now owns 768,693 shares of the financial services provider’s stock valued at $37,820,000 after purchasing an additional 385,877 shares during the period. 81.57% of the stock is currently 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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