Western Alliance Bancorporation (WAL) Downgraded by Zacks Investment Research
Western Alliance Bancorporation (NYSE:WAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
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 analysts have also weighed in on the stock. BidaskClub lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Tuesday, July 18th. 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 research report on Monday, July 24th. Jefferies Group LLC reiterated a “buy” rating and set a $58.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, May 15th. Keefe, Bruyette & Woods set a $58.00 target price on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research report on Monday, June 26th. Finally, SunTrust Banks, Inc. initiated coverage on shares of Western Alliance Bancorporation in a research report on Friday, August 18th. They set a “buy” rating and a $59.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $57.50.
Shares of Western Alliance Bancorporation (NYSE WAL) traded up 0.71% during mid-day trading on Friday, reaching $45.32. 1,311,596 shares of the company’s stock traded hands. The firm has a 50-day moving average of $48.69 and a 200 day moving average of $48.65. Western Alliance Bancorporation has a 12-month low of $35.56 and a 12-month high of $53.84. The company has a market cap of $4.72 billion, a P/E ratio of 16.37 and a beta of 1.75.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. The firm had revenue of $203.19 million during the quarter, compared to analyst estimates of $203.71 million. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. During the same quarter last year, the business earned $0.62 earnings per share. Equities analysts forecast that Western Alliance Bancorporation will post $3.04 EPS for the current year.
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In other news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total value of $4,837,000.00. Following the sale, the chairman now directly owns 54,000 shares of the company’s stock, valued at $2,611,980. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 7.95% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Western Alliance Bancorporation by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 505,840 shares of the financial services provider’s stock valued at $24,831,000 after purchasing an additional 10,797 shares in the last quarter. Highbridge Capital Management LLC raised its stake in Western Alliance Bancorporation by 15.0% in the first quarter. Highbridge Capital Management LLC now owns 97,342 shares of the financial services provider’s stock valued at $4,778,000 after purchasing an additional 12,670 shares in the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in Western Alliance Bancorporation in the first quarter valued at approximately $1,076,000. BB&T Corp raised its stake in Western Alliance Bancorporation by 0.7% in the second quarter. BB&T Corp now owns 20,870 shares of the financial services provider’s stock valued at $1,027,000 after purchasing an additional 155 shares in the last quarter. Finally, Concert Wealth Management Inc. purchased a new stake in Western Alliance Bancorporation in the first quarter valued at approximately $387,000. 81.33% of the stock is currently owned by institutional investors and hedge funds.
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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