Robert Gary Sarver Sells 65,448 Shares of Western Alliance Bancorporation (NYSE:WAL) Stock
Western Alliance Bancorporation (NYSE:WAL) Chairman Robert Gary Sarver sold 65,448 shares of the business’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $50.39, for a total value of $3,297,924.72. Following the completion of the transaction, the chairman now owns 54,000 shares of the company’s stock, valued at approximately $2,721,060. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Western Alliance Bancorporation (WAL) traded down 1.77% during mid-day trading on Wednesday, reaching $50.45. The company had a trading volume of 634,227 shares. The firm has a market capitalization of $5.25 billion, a PE ratio of 18.22 and a beta of 1.74. The stock’s 50-day moving average price is $48.82 and its 200 day moving average price is $48.88. Western Alliance Bancorporation has a 52 week low of $33.28 and a 52 week high of $53.84.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.03. Western Alliance Bancorporation had a return on equity of 15.54% and a net margin of 35.67%. The company had revenue of $203.19 million during the quarter, compared to analysts’ expectations of $203.71 million. During the same quarter in the previous year, the firm posted $0.62 EPS. On average, equities research analysts predict that Western Alliance Bancorporation will post $3.04 EPS for the current year.
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WAL has been the subject of several recent analyst reports. Keefe, Bruyette & Woods set a $58.00 price target on Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Monday, June 26th. Zacks Investment Research upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research note on Tuesday, April 4th. Jefferies Group LLC restated a “buy” rating and issued a $58.00 price target on shares of Western Alliance Bancorporation in a research note on Monday, May 15th. Royal Bank Of Canada restated a “buy” rating and issued a $57.00 price target on shares of Western Alliance Bancorporation in a research note on Monday, April 3rd. Finally, BidaskClub cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 18th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $57.20.
A number of hedge funds have recently modified their holdings of the company. Investment Counselors of Maryland LLC purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth approximately $186,000. Solaris Asset Management LLC boosted its stake in shares of 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 worth $196,000 after buying an additional 50 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth approximately $200,000. Asset Management One Co. Ltd. purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth approximately $212,000. Finally, Two Sigma Securities LLC bought a new position in Western Alliance Bancorporation during the first quarter worth $211,000. 84.46% of the stock is owned by institutional investors.
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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