Barclays PLC Reiterates “$65.00” Price Target for Western Alliance Bancorporation (WAL)
Western Alliance Bancorporation (NYSE:WAL) received a $65.00 price objective from stock analysts at Barclays PLC in a research report issued on Monday. The firm currently has a “buy” rating on the financial services provider’s stock. Barclays PLC’s price objective indicates a potential upside of 17.71% from the stock’s current price.
WAL has been the topic of several other reports. Keefe, Bruyette & Woods set a $58.00 target price on Western Alliance Bancorporation and gave the company 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 $51.00 target price on the stock in a research note on Tuesday, September 12th. Jefferies Group LLC reiterated a “buy” rating on shares of Western Alliance Bancorporation in a research note on Tuesday, August 29th. Finally, BidaskClub downgraded Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, August 19th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. Western Alliance Bancorporation presently has a consensus rating of “Buy” and an average price target of $61.00.
Western Alliance Bancorporation (NYSE:WAL) traded down 1.22% during trading on Monday, reaching $55.22. The company’s stock had a trading volume of 973,670 shares. The stock has a 50-day moving average price of $50.72 and a 200 day moving average price of $48.84. Western Alliance Bancorporation has a 52-week low of $35.56 and a 52-week high of $56.51. The company has a market cap of $5.75 billion, a PE ratio of 19.94 and a beta of 1.75.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, beating the consensus estimate of $0.78 by $0.01. Western Alliance Bancorporation had a return on equity of 15.71% and a net margin of 36.16%. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $212.27 million. During the same period last year, the business posted $0.66 EPS. The company’s revenue was up 15.4% compared to the same quarter last year. On average, analysts expect that Western Alliance Bancorporation will post $3.06 EPS for the current year.
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In other news, Chairman Robert Gary Sarver sold 100,000 shares of the firm’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total value of $4,837,000.00. Following the transaction, the chairman now directly owns 54,000 shares in the company, valued at approximately $2,611,980. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 7.95% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in WAL. Vanguard Group Inc. raised its holdings in Western Alliance Bancorporation by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 7,445,077 shares of the financial services provider’s stock worth $366,298,000 after purchasing an additional 195,031 shares during the period. Eagle Asset Management Inc. raised its holdings in Western Alliance Bancorporation by 532.8% in the 2nd quarter. Eagle Asset Management Inc. now owns 721,972 shares of the financial services provider’s stock worth $35,521,000 after purchasing an additional 607,885 shares during the period. Swiss National Bank raised its holdings in Western Alliance Bancorporation by 6.3% in the 2nd quarter. Swiss National Bank now owns 166,300 shares of the financial services provider’s stock worth $8,182,000 after purchasing an additional 9,900 shares during the period. Nicholas Investment Partners LP raised its holdings in Western Alliance Bancorporation by 5.4% in the 2nd quarter. Nicholas Investment Partners LP now owns 134,428 shares of the financial services provider’s stock worth $6,612,000 after purchasing an additional 6,944 shares during the period. Finally, Rhumbline Advisers raised its holdings in Western Alliance Bancorporation by 0.7% in the 2nd quarter. Rhumbline Advisers now owns 116,739 shares of the financial services provider’s stock worth $5,744,000 after purchasing an additional 859 shares during the period. Hedge funds and other institutional investors own 81.03% of the company’s stock.
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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