Western Alliance Bancorporation (NYSE:WAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
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 research analysts have also recently issued reports about the company. SunTrust Banks, Inc. assumed coverage on Western Alliance Bancorporation in a research report on Friday, August 18th. They set a “buy” rating and a $59.00 price objective on the stock. BidaskClub raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Jefferies Group LLC dropped their price objective on Western Alliance Bancorporation from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, May 22nd. Barclays PLC reaffirmed an “overweight” rating and set a $59.00 price objective (up from $58.00) on shares of Western Alliance Bancorporation in a research report on Monday, July 24th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $58.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $57.50.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 45.32 on Friday. Western Alliance Bancorporation has a 1-year low of $35.56 and a 1-year high of $53.84. The company has a market capitalization of $4.72 billion, a PE ratio of 16.37 and a beta of 1.75. The stock’s 50 day moving average price is $48.69 and its 200-day moving average price is $48.65.
Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.03. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. The firm had revenue of $203.19 million for the quarter, compared to analysts’ expectations of $203.71 million. During the same period in the prior year, the firm posted $0.62 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post $3.04 EPS for the current year.
In related news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the sale, the chairman now directly owns 54,000 shares of the company’s stock, valued at $2,611,980. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.95% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Winfield Associates Inc. boosted its position in Western Alliance Bancorporation by 0.6% in the second quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock worth $168,000 after purchasing an additional 20 shares during the last quarter. Alps Advisors Inc. boosted its position in Western Alliance Bancorporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 9,257 shares of the financial services provider’s stock worth $455,000 after purchasing an additional 24 shares during the last quarter. ProShare Advisors LLC boosted its position in Western Alliance Bancorporation by 0.3% in the second quarter. ProShare Advisors LLC now owns 16,516 shares of the financial services provider’s stock worth $813,000 after purchasing an additional 48 shares during the last quarter. First Interstate Bank boosted its position in Western Alliance Bancorporation by 2.5% in the second quarter. First Interstate Bank now owns 6,065 shares of the financial services provider’s stock worth $298,000 after purchasing an additional 150 shares during the last quarter. Finally, Renaissance Group LLC boosted its position in Western Alliance Bancorporation by 2.0% in the second quarter. Renaissance Group LLC now owns 7,688 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 150 shares during the last quarter. 81.33% of the stock is currently owned by institutional investors and hedge funds.
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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