Zacks Investment Research cut shares of Western Alliance Bancorporation (NYSE:WAL) from a buy rating to a hold rating in a report issued on Wednesday morning.
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. “
Other equities analysts have also recently issued reports about the company. Sandler O’Neill restated a buy rating and set a $69.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, January 29th. Barclays raised their price objective on Western Alliance Bancorporation from $65.00 to $69.00 and gave the stock an overweight rating in a research note on Tuesday, January 2nd. Stephens assumed coverage on Western Alliance Bancorporation in a research note on Wednesday, January 17th. They set an overweight rating and a $68.00 price objective on the stock. SunTrust Banks restated a buy rating and set a $70.00 price objective on shares of Western Alliance Bancorporation in a research note on Monday, January 29th. Finally, Wells Fargo & Co upgraded Western Alliance Bancorporation from a market perform rating to an outperform rating and set a $72.00 price objective on the stock in a research note on Monday, January 29th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Western Alliance Bancorporation has an average rating of Buy and an average target price of $66.59.
Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.03. Western Alliance Bancorporation had a return on equity of 15.50% and a net margin of 36.56%. The firm had revenue of $224.72 million for the quarter, compared to analysts’ expectations of $225.19 million. During the same period last year, the business posted $0.70 earnings per share. research analysts expect that Western Alliance Bancorporation will post 4.01 EPS for the current fiscal year.
In other Western Alliance Bancorporation news, EVP Robert Reoch Mcauslan sold 2,000 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $61.02, for a total value of $122,040.00. Following the sale, the executive vice president now directly owns 18,449 shares in the company, valued at $1,125,757.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP J. Kelly Jr. Ardrey sold 538 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $60.30, for a total value of $32,441.40. The disclosure for this sale can be found here. Insiders sold 8,480 shares of company stock worth $497,139 over the last quarter. 7.95% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. American International Group Inc. bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at $124,000. Cerebellum GP LLC bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at about $124,000. Canada Pension Plan Investment Board bought a new stake in shares of Western Alliance Bancorporation during the third quarter valued at about $133,000. MAI Capital Management bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at about $208,000. Finally, Timber Hill LLC bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at about $208,000. Institutional investors own 81.96% of the company’s stock.
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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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