Western Alliance Bancorp (WAL) Downgraded to “Hold” at Zacks Investment Research
Western Alliance Bancorp (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 Wednesday.
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. “
WAL has been the topic of a number of other reports. Jefferies Group reissued a “buy” rating and set a $42.00 target price on shares of Western Alliance Bancorp in a report on Tuesday. Wells Fargo & Co. began coverage on Western Alliance Bancorp in a report on Thursday, September 1st. They set a “market perform” rating on the stock. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $40.10.
Western Alliance Bancorp (NYSE:WAL) traded down 0.05% during mid-day trading on Wednesday, hitting $36.99. 309,165 shares of the stock were exchanged. The firm has a 50-day moving average price of $36.69 and a 200-day moving average price of $34.95. 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 has a 12-month low of $26.60 and a 12-month high of $39.11.
Western Alliance Bancorp (NYSE:WAL) last posted its earnings results on Thursday, July 21st. The financial services provider reported $0.62 earnings per share for the quarter, topping 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%. Equities analysts predict that Western Alliance Bancorp will post $2.54 earnings per share for the current fiscal year.
In other Western Alliance Bancorp news, Director Donald D. Snyder sold 30,000 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $35.78, for a total value of $1,073,400.00. Following the completion of the transaction, the director now directly owns 117,579 shares in the company, valued at $4,206,976.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Marianne Boyd Johnson sold 4,500 shares of the stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $37.90, for a total value of $170,550.00. Following the completion of the transaction, the director now owns 3,295 shares of the company’s stock, valued at $124,880.50. The disclosure for this sale can be found here. Insiders own 10.27% of the company’s stock.
A number of institutional investors have recently bought and sold shares of WAL. Macquarie Group Ltd. increased its position in 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 valued at $31,007,000 after buying an additional 206,232 shares in the last quarter. Royal Bank of Canada boosted its stake 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 valued at $13,033,000 after buying an additional 313,147 shares during the last quarter. IFP Advisors Inc boosted its stake 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 valued at $705,000 after buying an additional 1,696 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake 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 valued at $3,001,000 after buying an additional 41,316 shares during the last quarter. Finally, Sterling Capital Management LLC bought a new stake in shares of Western Alliance Bancorp during the second quarter valued at $1,838,000. Hedge funds and other institutional investors own 79.12% of the company’s stock.
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.
Receive News & Stock Ratings for Western Alliance Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorp and related stocks with our FREE daily email newsletter.