Western Alliance Bancorporation (WAL) Receives Consensus Rating of “Buy” from Brokerages

Western Alliance Bancorporation (NYSE:WAL) has received a consensus recommendation of “Buy” from the ten analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $62.36.

WAL has been the subject of a number of recent analyst reports. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Thursday, November 2nd. Barclays set a $62.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Wednesday, October 11th. Jefferies Group restated a “buy” rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 29th. ValuEngine lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Friday, December 15th. Finally, SunTrust Banks boosted their price objective on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 26th.

Western Alliance Bancorporation (WAL) opened at $58.00 on Tuesday. Western Alliance Bancorporation has a 1-year low of $44.64 and a 1-year high of $60.25. The stock has a market cap of $6,120.00, a P/E ratio of 19.86, a PEG ratio of 1.68 and a beta of 1.76. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The firm had revenue of $211.50 million during the quarter, compared to analyst estimates of $212.27 million. During the same period last year, the business earned $0.66 earnings per share. The business’s revenue was up 15.4% on a year-over-year basis. sell-side analysts predict that Western Alliance Bancorporation will post 3.07 EPS for the current fiscal year.

In other Western Alliance Bancorporation news, EVP Robert Reoch Mcauslan sold 4,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $56.49, for a total value of $225,960.00. Following the completion of the sale, the executive vice president now owns 23,200 shares of the company’s stock, valued at approximately $1,310,568. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Robert Gary Sarver sold 100,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $55.22, for a total transaction of $5,522,000.00. Following the completion of the sale, the chief executive officer now directly owns 54,000 shares of the company’s stock, valued at approximately $2,981,880. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 176,000 shares of company stock valued at $9,780,670. 7.95% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of WAL. Vanguard Group Inc. grew its position in shares of Western Alliance Bancorporation by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,445,077 shares of the financial services provider’s stock valued at $366,298,000 after acquiring an additional 195,031 shares during the period. Swiss National Bank boosted its holdings in Western Alliance Bancorporation by 6.3% in the 2nd quarter. Swiss National Bank now owns 166,300 shares of the financial services provider’s stock worth $8,182,000 after buying an additional 9,900 shares during the period. Nicholas Investment Partners LP boosted its holdings in Western Alliance Bancorporation by 5.4% in the 2nd quarter. Nicholas Investment Partners LP now owns 134,428 shares of the financial services provider’s stock worth $6,612,000 after buying an additional 6,944 shares during the period. Eagle Asset Management Inc. boosted its holdings in Western Alliance Bancorporation by 532.8% in the 2nd quarter. Eagle Asset Management Inc. now owns 721,972 shares of the financial services provider’s stock worth $35,521,000 after buying an additional 607,885 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Western Alliance Bancorporation by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 116,739 shares of the financial services provider’s stock worth $5,744,000 after buying an additional 859 shares during the period. 81.59% of the stock is owned by institutional investors and hedge funds.

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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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