Western Alliance Bancorp (WAL) Receives Average Rating of “Buy” from Brokerages
Western Alliance Bancorp (NYSE:WAL) has been assigned a consensus rating of “Buy” from the seven ratings firms that are presently covering the company. Three investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $39.88.
WAL has been the subject of several recent research reports. Jefferies Group reissued a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research report on Tuesday, September 13th. Zacks Investment Research raised Western Alliance Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Tuesday, September 27th. Finally, Wells Fargo & Co. initiated coverage on Western Alliance Bancorp in a research report on Thursday, September 1st. They set a “market perform” rating on the stock.
In other news, Director Donald D. Snyder sold 30,000 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $35.78, for a total value of $1,073,400.00. Following the transaction, the director now directly owns 117,579 shares of the company’s stock, valued at $4,206,976.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald D. Snyder sold 15,000 shares of the stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $34.00, for a total value of $510,000.00. Following the completion of the transaction, the director now directly owns 117,579 shares in the company, valued at $3,997,686. The disclosure for this sale can be found here. 10.27% of the stock is owned by insiders.
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Several hedge funds and other institutional investors have recently made changes to their positions in WAL. Geode Capital Management LLC raised its position in shares of Western Alliance Bancorp by 3.8% in the first quarter. Geode Capital Management LLC now owns 566,414 shares of the financial services provider’s stock worth $18,906,000 after buying an additional 20,514 shares in the last quarter. Loomis Sayles & Co. L P increased its stake in shares of Western Alliance Bancorp by 0.9% in the first quarter. Loomis Sayles & Co. L P now owns 62,607 shares of the financial services provider’s stock worth $2,090,000 after buying an additional 535 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Western Alliance Bancorp by 657.0% in the first quarter. Goldman Sachs Group Inc. now owns 978,872 shares of the financial services provider’s stock worth $32,674,000 after buying an additional 849,566 shares during the last quarter. AXA bought a new stake in shares of Western Alliance Bancorp during the first quarter worth approximately $187,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Western Alliance Bancorp during the first quarter worth approximately $899,000. 79.09% of the stock is currently owned by institutional investors and hedge funds.
Western Alliance Bancorp (NYSE:WAL) traded down 2.24% on Tuesday, hitting $38.34. The stock had a trading volume of 238,901 shares. Western Alliance Bancorp has a 52-week low of $26.60 and a 52-week high of $39.52. The company has a 50 day moving average price of $37.30 and a 200-day moving average price of $35.40. The company has a market cap of $3.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.01. Western Alliance Bancorp had a return on equity of 14.48% and a net margin of 35.86%. On average, equities research analysts predict that Western Alliance Bancorp will post $2.54 earnings per share for the current year.
About Western Alliance Bancorp
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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