Western Alliance Bancorp (WAL) Receives Average Rating of “Buy” from Brokerages
Shares of Western Alliance Bancorp (NYSE:WAL) have earned an average recommendation of “Buy” from the seven brokerages that are covering the firm. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $39.88.
A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded Western Alliance Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 28th. Jefferies Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Western Alliance Bancorp in a report on Tuesday, September 27th. Finally, Wells Fargo & Co. started coverage on Western Alliance Bancorp in a report on Thursday, September 1st. They set a “market perform” rating for the company.
In related news, Director Donald D. Snyder sold 15,000 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $34.00, for a total transaction of $510,000.00. Following the sale, the director now directly owns 117,579 shares of the company’s stock, valued at $3,997,686. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Donald D. Snyder sold 30,000 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $35.78, for a total value of $1,073,400.00. Following the sale, the director now directly owns 117,579 shares in the company, valued at $4,206,976.62. The disclosure for this sale can be found here. Corporate insiders own 10.27% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its stake in Western Alliance Bancorp by 899.1% in the second quarter. Fifth Third Bancorp now owns 3,277 shares of the financial services provider’s stock valued at $107,000 after buying an additional 2,949 shares during the period. Tower Research Capital LLC TRC boosted its stake in Western Alliance Bancorp by 163.3% in the second quarter. Tower Research Capital LLC TRC now owns 3,455 shares of the financial services provider’s stock valued at $113,000 after buying an additional 2,143 shares during the period. Advisors Asset Management Inc. boosted its stake in Western Alliance Bancorp by 241.3% in the second quarter. Advisors Asset Management Inc. now owns 3,881 shares of the financial services provider’s stock valued at $127,000 after buying an additional 2,744 shares during the period. TCI Wealth Advisors Inc. boosted its stake in Western Alliance Bancorp by 1.3% in the second quarter. TCI Wealth Advisors Inc. now owns 5,191 shares of the financial services provider’s stock valued at $169,000 after buying an additional 66 shares during the period. Finally, AXA acquired a new stake in Western Alliance Bancorp during the first quarter valued at approximately $187,000. 79.09% of the stock is currently owned by institutional investors.
Shares of Western Alliance Bancorp (NYSE:WAL) traded down 2.24% during midday trading on Tuesday, reaching $38.34. The company had a trading volume of 238,901 shares. The company has a 50 day moving average of $37.30 and a 200 day moving average of $35.40. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of 16.63 and a beta of 1.61. Western Alliance Bancorp has a 12-month low of $26.60 and a 12-month high of $39.52.
Western Alliance Bancorp (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 earnings per share (EPS) 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%. Analysts anticipate that Western Alliance Bancorp will post $2.54 EPS for the current year.
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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