Western Alliance Bancorp (WAL) Given New $46.00 Price Target at RBC Capital Markets
Western Alliance Bancorp (NYSE:WAL) had its price objective upped by research analysts at RBC Capital Markets from $42.00 to $46.00 in a research note issued to investors on Thursday. The firm presently has an “outperform” rating on the financial services provider’s stock. RBC Capital Markets’ target price would suggest a potential upside of 14.40% from the company’s current price.
WAL has been the topic of a number of other reports. Zacks Investment Research lowered Western Alliance Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 28th. Wells Fargo & Co. began coverage on Western Alliance Bancorp in a research note on Thursday, September 1st. They issued a “market perform” rating on the stock. Jefferies Group reissued a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research note on Tuesday, September 13th. Finally, Royal Bank Of Canada raised their price target on Western Alliance Bancorp from $42.00 to $46.00 and gave the stock an “outperform” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Western Alliance Bancorp currently has an average rating of “Buy” and a consensus price target of $42.42.
Shares of Western Alliance Bancorp (NYSE:WAL) opened at 40.21 on Thursday. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 16.66 and a beta of 1.62. Western Alliance Bancorp has a 52 week low of $26.60 and a 52 week high of $40.62. The firm’s 50-day moving average is $37.69 and its 200-day moving average is $35.91.
Western Alliance Bancorp (NYSE:WAL) last posted its quarterly earnings data on Monday, October 24th. The financial services provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.01. Western Alliance Bancorp had a return on equity of 14.64% and a net margin of 35.19%. During the same quarter last year, the company earned $0.53 EPS. On average, equities research analysts anticipate that Western Alliance Bancorp will post $2.50 EPS for the current fiscal year.
In other Western Alliance Bancorp news, insider Duane Ralph Froeschle sold 10,000 shares of Western Alliance Bancorp stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $38.00, for a total transaction of $380,000.00. Following the sale, the insider now directly owns 11,050 shares in the company, valued at approximately $419,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Nafees Nagy sold 27,700 shares of Western Alliance Bancorp stock in a transaction that occurred on Tuesday, November 8th. The stock was sold at an average price of $38.03, for a total value of $1,053,431.00. The disclosure for this sale can be found here. 10.27% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the company. Prudential Financial Inc. raised its position in Western Alliance Bancorp by 29.0% in the first quarter. Prudential Financial Inc. now owns 79,258 shares of the financial services provider’s stock worth $2,646,000 after buying an additional 17,800 shares in the last quarter. BlackRock Inc. raised its position in Western Alliance Bancorp by 161.9% in the first quarter. BlackRock Inc. now owns 6,183 shares of the financial services provider’s stock worth $207,000 after buying an additional 3,822 shares in the last quarter. State Street Corp raised its position in Western Alliance Bancorp by 3.0% in the first quarter. State Street Corp now owns 3,448,362 shares of the financial services provider’s stock worth $115,105,000 after buying an additional 99,325 shares in the last quarter. AXA bought a new position in Western Alliance Bancorp during the first quarter worth about $187,000. Finally, Loomis Sayles & Co. L P raised its position in Western Alliance Bancorp by 0.9% in the first quarter. Loomis Sayles & Co. L P now owns 62,607 shares of the financial services provider’s stock worth $2,090,000 after buying an additional 535 shares in the last quarter. Institutional investors own 79.31% of the company’s stock.
About Western Alliance Bancorp
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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