Western Alliance Bancorporation (WAL) Receives Consensus Rating of “Buy” from Analysts
Western Alliance Bancorporation (NYSE:WAL) has received an average rating of “Buy” from the seven brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $59.33.
WAL has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods set a $58.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, June 26th. BidaskClub lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Barclays PLC reaffirmed an “overweight” rating and issued a $59.00 target price (up previously from $58.00) on shares of Western Alliance Bancorporation in a research note on Monday, July 24th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research note on Tuesday, July 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $57.00 target price on shares of Western Alliance Bancorporation in a research note on Tuesday, July 25th.
In related news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $2,611,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.95% of the company’s stock.
A number of hedge funds have recently made changes to their positions in WAL. BNP Paribas Arbitrage SA raised its holdings in Western Alliance Bancorporation by 72.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,060 shares during the period. Winfield Associates Inc. raised its holdings in Western Alliance Bancorporation by 0.6% during the 2nd quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock worth $168,000 after buying an additional 20 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Western Alliance Bancorporation by 15.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock worth $172,000 after buying an additional 469 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $202,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $207,000. Hedge funds and other institutional investors own 81.23% of the company’s stock.
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Shares of Western Alliance Bancorporation (NYSE WAL) opened at 53.38 on Thursday. Western Alliance Bancorporation has a 52-week low of $35.56 and a 52-week high of $54.29. The company has a market capitalization of $5.56 billion, a P/E ratio of 19.28 and a beta of 1.75. The firm’s 50 day moving average is $49.70 and its 200-day moving average is $48.61.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. The firm had revenue of $203.19 million for the quarter, compared to analyst estimates of $203.71 million. During the same quarter in the prior year, the firm earned $0.62 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post $3.05 earnings per share for the current fiscal 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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