Western Alliance Bancorporation (WAL) Upgraded to “Buy” at Zacks Investment Research
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 brokerage currently has a $51.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.44% 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 analysts have also recently issued reports on the stock. Royal Bank Of Canada reissued a “buy” rating and issued a $58.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday. Jefferies Group LLC restated a “buy” rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 29th. BidaskClub lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. SunTrust Banks, Inc. assumed 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. Finally, Barclays PLC restated 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. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $57.00.
Western Alliance Bancorporation (NYSE:WAL) traded up 3.05% on Tuesday, reaching $48.02. 221,357 shares of the company were exchanged. The firm has a market capitalization of $5.00 billion, a P/E ratio of 17.34 and a beta of 1.75. The firm has a 50-day moving average of $48.66 and a 200 day moving average of $48.57. Western Alliance Bancorporation has a 12-month low of $35.56 and a 12-month high of $53.84.
Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.03. The firm 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 15.23%. During the same period in the prior year, the company posted $0.62 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post $3.04 earnings per share for the current year.
In other Western Alliance Bancorporation news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the completion of the transaction, the chairman now owns 54,000 shares in the company, valued at $2,611,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 7.95% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in Western Alliance Bancorporation by 163.3% during the second quarter. Tower Research Capital LLC TRC now owns 3,455 shares of the financial services provider’s stock valued at $113,000 after purchasing an additional 2,143 shares during the last quarter. Jacobus Wealth Management Inc. bought a new position in Western Alliance Bancorporation during the third quarter valued at $113,000. BNP Paribas Arbitrage SA lifted its position in Western Alliance Bancorporation by 72.1% during the second quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,060 shares during the last quarter. Tyers Asset Management LLC bought a new position in Western Alliance Bancorporation during the fourth quarter valued at $126,000. Finally, Advisors Asset Management Inc. lifted its position in Western Alliance Bancorporation by 241.3% during the second quarter. Advisors Asset Management Inc. now owns 3,881 shares of the financial services provider’s stock valued at $127,000 after purchasing an additional 2,744 shares during the last quarter. Institutional investors and hedge funds own 81.33% 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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