Western Alliance Bancorp (NYSE:WAL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Jefferies Group in a research report issued to clients and investors on Tuesday. They currently have a $42.00 price target on the financial services provider’s stock. Jefferies Group’s price objective suggests a potential upside of 14.85% from the stock’s current price.
A number of other research analysts have also recently weighed in on WAL. Zacks Investment Research cut shares of Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 25th. Wells Fargo & Co. began coverage on shares of Western Alliance Bancorp in a research note on Thursday, September 1st. They set a “market perform” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $40.10.
Western Alliance Bancorp (NYSE:WAL) traded up 1.18% on Tuesday, reaching $37.00. The company’s stock had a trading volume of 373,595 shares. The firm has a 50 day moving average price of $36.63 and a 200 day moving average price of $34.91. Western Alliance Bancorp has a 52 week low of $26.60 and a 52 week high of $39.11. The stock has a market capitalization of $3.80 billion, a P/E ratio of 16.05 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.01. Western Alliance Bancorp had a net margin of 35.86% and a return on equity of 14.48%. On average, equities analysts anticipate that Western Alliance Bancorp will post $2.54 EPS for the current year.
In other Western Alliance Bancorp news, Director Donald D. Snyder sold 15,000 shares of Western Alliance Bancorp stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $34.00, for a total value of $510,000.00. Following the completion of the sale, the director now directly owns 117,579 shares of the company’s stock, valued at approximately $3,997,686. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marianne Boyd Johnson sold 4,500 shares of Western Alliance Bancorp stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $37.90, for a total transaction of $170,550.00. Following the completion of the sale, the director now directly owns 3,295 shares of the company’s stock, valued at $124,880.50. The disclosure for this sale can be found here. 10.27% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. AXA bought a new position in shares of Western Alliance Bancorp during the first quarter worth $187,000. Quadrature Capital Ltd bought a new position in shares of Western Alliance Bancorp during the first quarter worth $899,000. State Street Corp raised its position in shares of Western Alliance Bancorp by 3.0% in the first quarter. State Street Corp now owns 3,448,362 shares of the financial services provider’s stock worth $115,105,000 after buying an additional 99,325 shares during the period. Menta Capital LLC raised its position in shares of Western Alliance Bancorp by 73.5% in the first quarter. Menta Capital LLC now owns 14,400 shares of the financial services provider’s stock worth $481,000 after buying an additional 6,100 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Western Alliance Bancorp by 16.4% in the first quarter. JPMorgan Chase & Co. now owns 1,285,495 shares of the financial services provider’s stock worth $42,910,000 after buying an additional 181,055 shares during the period. 79.12% of the stock is owned by hedge funds and other institutional investors.
About Western Alliance Bancorp
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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