Western Alliance Bancorporation (NYSE:WAL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $55.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.26% from the stock’s current price.

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. Royal Bank Of Canada reiterated a “buy” rating and issued a $57.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, April 3rd. Jefferies Group LLC reiterated a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, April 4th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, April 10th. BidaskClub cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Finally, Barclays PLC reiterated an “overweight” rating and issued a $59.00 target price (up from $58.00) on shares of Western Alliance Bancorporation in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $56.60.

Shares of Western Alliance Bancorporation (NYSE:WAL) traded up 2.54% during mid-day trading on Tuesday, reaching $51.62. 234,275 shares of the company’s stock were exchanged. The stock has a market capitalization of $5.38 billion, a PE ratio of 18.64 and a beta of 1.73. Western Alliance Bancorporation has a 1-year low of $33.28 and a 1-year high of $53.84. The company’s 50 day moving average is $48.82 and its 200 day moving average is $48.88.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.03. The business had revenue of $203.19 million during the quarter, compared to analysts’ expectations of $203.71 million. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.54%. During the same period in the prior year, the business earned $0.62 earnings per share. Equities research analysts anticipate that Western Alliance Bancorporation will post $3.01 EPS for the current fiscal year.

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Large investors have recently added to or reduced their stakes in the company. Investment Counselors of Maryland LLC purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $186,000. Solaris Asset Management LLC boosted its stake in Western Alliance Bancorporation by 1.3% in the first quarter. Solaris Asset Management LLC now owns 4,000 shares of the financial services provider’s stock valued at $196,000 after buying an additional 50 shares during the last quarter. Parametrica Management Ltd purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $200,000. Two Sigma Securities LLC purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $211,000. Finally, Asset Management One Co. Ltd. purchased a new stake in Western Alliance Bancorporation during the first quarter valued at about $212,000. Hedge funds and other institutional investors own 84.46% 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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Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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