Zacks Investment Research upgraded shares of Western Alliance Bancorp (NYSE:WAL) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $41.00 price objective on the financial services provider’s stock.
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 issued reports on the company. Jefferies Group reiterated a buy rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a report on Tuesday, September 13th. Wells Fargo & Co. initiated coverage on Western Alliance Bancorp in a report on Thursday, September 1st. They issued a market perform rating for the company. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Western Alliance Bancorp currently has a consensus rating of Buy and an average price target of $40.10.
Shares of Western Alliance Bancorp (NYSE:WAL) opened at 37.54 on Tuesday. Western Alliance Bancorp has a 12-month low of $26.60 and a 12-month high of $39.11. The firm has a 50 day moving average price of $36.85 and a 200-day moving average price of $35.03. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 16.29 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last announced its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Western Alliance Bancorp had a return on equity of 14.48% and a net margin of 35.86%. On average, equities analysts expect that Western Alliance Bancorp will post $2.54 earnings per share for the current fiscal year.
In other news, EVP Robert Reoch Mcauslan sold 2,000 shares of the company’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.50, for a total transaction of $73,000.00. Following the transaction, the executive vice president now directly owns 41,323 shares of the company’s stock, valued at $1,508,289.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Donald D. Snyder sold 15,000 shares of the company’s stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $34.00, for a total value of $510,000.00. Following the transaction, the director now directly owns 117,579 shares in the company, valued at $3,997,686. The disclosure for this sale can be found here. Insiders own 10.27% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. increased its position in shares of Western Alliance Bancorp by 27.7% in the second quarter. Macquarie Group Ltd. now owns 949,683 shares of the financial services provider’s stock worth $31,007,000 after buying an additional 206,232 shares during the last quarter. Royal Bank of Canada increased its position in shares of Western Alliance Bancorp by 364.1% in the second quarter. Royal Bank of Canada now owns 399,158 shares of the financial services provider’s stock worth $13,033,000 after buying an additional 313,147 shares during the last quarter. IFP Advisors Inc increased its position in shares of Western Alliance Bancorp by 8.5% in the second quarter. IFP Advisors Inc now owns 21,588 shares of the financial services provider’s stock worth $705,000 after buying an additional 1,696 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Western Alliance Bancorp by 81.7% in the second quarter. Public Employees Retirement System of Ohio now owns 91,912 shares of the financial services provider’s stock worth $3,001,000 after buying an additional 41,316 shares during the last quarter. Finally, Sterling Capital Management LLC acquired a new position in shares of Western Alliance Bancorp during the second quarter worth about $1,838,000. 79.12% of the stock is currently owned by institutional investors and hedge funds.
Western Alliance Bancorp Company Profile
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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