Western Alliance Bancorporation (WAL) Receives Average Recommendation of “Buy” from Analysts
Shares of Western Alliance Bancorporation (NYSE:WAL) have been given an average recommendation of “Buy” by the seven research firms that are currently covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and six have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $57.00.
WAL has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Jefferies Group LLC restated a “buy” rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 29th. Keefe, Bruyette & Woods set a $58.00 price objective on Western Alliance Bancorporation and gave the company a “buy” rating in a report on Monday, June 26th. BidaskClub upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Barclays PLC reiterated an “overweight” rating and set a $59.00 price target (up previously from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th.
In other news, Chairman Robert Gary Sarver sold 65,448 shares of the company’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $50.39, for a total transaction of $3,297,924.72. Following the completion of the sale, the chairman now owns 54,000 shares in the company, valued at $2,721,060. 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 currently owned by insiders.
Hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its holdings 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 worth $125,000 after acquiring an additional 1,060 shares during the period. Winfield Associates Inc. grew its holdings in Western Alliance Bancorporation by 0.6% in the second quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 20 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Western Alliance Bancorporation by 15.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 469 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new stake in Western Alliance Bancorporation in the second quarter valued at $202,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in Western Alliance Bancorporation in the second quarter valued at $207,000. 81.33% of the stock is currently owned by hedge funds and other institutional investors.
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Shares of Western Alliance Bancorporation (NYSE WAL) opened at 47.29 on Friday. The firm has a market capitalization of $4.93 billion, a P/E ratio of 17.08 and a beta of 1.75. Western Alliance Bancorporation has a 52 week low of $35.56 and a 52 week high of $53.84. The company has a 50-day moving average of $48.26 and a 200 day moving average of $48.48.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.03. The company had revenue of $203.19 million for the quarter, compared to the consensus estimate 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 in the prior year, the company earned $0.62 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post $3.04 earnings per share for the current year.
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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