Shares of Western Alliance Bancorporation (NYSE:WAL) have received a consensus recommendation of “Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $68.32.
Several brokerages have commented on WAL. Zacks Investment Research restated a “sell” rating on shares of Western Alliance Bancorporation in a research report on Saturday, June 30th. Wedbush began coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, July 10th. They set an “outperform” rating and a $67.00 target price on the stock. ValuEngine lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, June 11th. Finally, Citigroup initiated coverage on shares of Western Alliance Bancorporation in a research report on Monday, June 18th. They issued a “neutral” rating and a $69.00 price objective on the stock.
In related news, Director Donald D. Snyder sold 6,352 shares of the business’s stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $61.48, for a total value of $390,520.96. Following the completion of the transaction, the director now owns 101,739 shares of the company’s stock, valued at approximately $6,254,913.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kenneth Vecchione bought 10,400 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The stock was purchased at an average cost of $56.95 per share, with a total value of $592,280.00. Following the purchase, the chief executive officer now directly owns 264,667 shares in the company, valued at approximately $15,072,785.65. The disclosure for this purchase can be found here. 7.48% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in WAL. BlackRock Inc. raised its stake in Western Alliance Bancorporation by 18.0% in the 1st quarter. BlackRock Inc. now owns 5,361,669 shares of the financial services provider’s stock valued at $311,565,000 after purchasing an additional 817,211 shares during the last quarter. Epoch Investment Partners Inc. raised its stake in Western Alliance Bancorporation by 63.7% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,182,705 shares of the financial services provider’s stock valued at $68,726,000 after purchasing an additional 460,154 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in Western Alliance Bancorporation by 275.6% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 545,964 shares of the financial services provider’s stock valued at $30,908,000 after purchasing an additional 400,624 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Western Alliance Bancorporation by 46.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 999,696 shares of the financial services provider’s stock valued at $58,093,000 after purchasing an additional 318,269 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Western Alliance Bancorporation in the 1st quarter valued at about $15,799,000. 82.92% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE WAL traded down $0.39 during trading on Friday, hitting $56.96. 7,235 shares of the company were exchanged, compared to its average volume of 475,399. The firm has a market capitalization of $6.12 billion, a P/E ratio of 18.50, a PEG ratio of 1.10 and a beta of 1.51. Western Alliance Bancorporation has a 1 year low of $44.83 and a 1 year high of $64.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.91 and a current ratio of 0.91.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 19th. The financial services provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.98 by $0.01. The company had revenue of $237.50 million for the quarter, compared to analyst estimates of $242.86 million. Western Alliance Bancorporation had a net margin of 38.48% and a return on equity of 16.68%. The business’s revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.76 EPS. sell-side analysts forecast that Western Alliance Bancorporation will post 4.05 earnings per share for the current fiscal year.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts.
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