Western Alliance Bancorporation (WAL) Earns Buy Rating from Analysts at SunTrust Banks, Inc.
SunTrust Banks, Inc. began coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a report published on Friday, Marketbeat reports. The brokerage issued a buy rating and a $59.00 target price on the financial services provider’s stock. SunTrust Banks also issued estimates for Western Alliance Bancorporation’s Q3 2017 earnings at $0.80 EPS, Q4 2017 earnings at $0.82 EPS, FY2017 earnings at $3.08 EPS, Q1 2018 earnings at $0.84 EPS, Q2 2018 earnings at $0.87 EPS, Q3 2018 earnings at $0.93 EPS, Q4 2018 earnings at $0.96 EPS and FY2018 earnings at $3.60 EPS.
A number of other analysts have also commented on the company. Jefferies Group LLC restated a buy rating and issued a $57.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, July 25th. Zacks Investment Research upgraded Western Alliance Bancorporation from a hold rating to a buy rating and set a $55.00 price target on the stock in a report on Tuesday, July 25th. Barclays PLC restated an overweight rating and issued a $59.00 price target (up from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. BidaskClub lowered Western Alliance Bancorporation from a buy rating to a hold rating in a report on Tuesday, July 18th. Finally, Keefe, Bruyette & Woods set a $58.00 price target on Western Alliance Bancorporation and gave the company a buy rating in a report on Monday, June 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $57.50.
Western Alliance Bancorporation (NYSE:WAL) opened at 46.97 on Friday. The company’s 50-day moving average price is $49.53 and its 200 day moving average price is $48.97. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of 16.96 and a beta of 1.73. Western Alliance Bancorporation has a 52-week low of $35.56 and a 52-week high of $53.84.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.03. The company had revenue of $203.19 million for the quarter, compared to analyst estimates of $203.71 million. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. During the same period in the previous year, the company posted $0.62 earnings per share. Equities analysts predict that Western Alliance Bancorporation will post $3.04 earnings per share for the current fiscal year.
In related news, Chairman Robert Gary Sarver sold 100,000 shares of Western Alliance Bancorporation stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total value of $4,837,000.00. Following the sale, the chairman now owns 54,000 shares of the company’s stock, valued at $2,611,980. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.95% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC bought a new stake in Western Alliance Bancorporation during the fourth quarter worth about $1,525,000. Quantitative Systematic Strategies LLC increased its stake in Western Alliance Bancorporation by 17.5% in the first quarter. Quantitative Systematic Strategies LLC now owns 16,611 shares of the financial services provider’s stock worth $815,000 after buying an additional 2,478 shares in the last quarter. ProShare Advisors LLC increased its stake in Western Alliance Bancorporation by 8.4% in the first quarter. ProShare Advisors LLC now owns 16,468 shares of the financial services provider’s stock worth $808,000 after buying an additional 1,276 shares in the last quarter. Tealwood Asset Management Inc. bought a new stake in Western Alliance Bancorporation during the first quarter worth about $1,811,000. Finally, Russell Investments Group Ltd. increased its stake in Western Alliance Bancorporation by 33.9% in the first quarter. Russell Investments Group Ltd. now owns 143,138 shares of the financial services provider’s stock worth $7,036,000 after buying an additional 36,258 shares in the last quarter. 82.99% of the stock is currently owned by institutional investors and hedge funds.
About Western Alliance Bancorporation
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.
Receive News & Stock Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related stocks with our FREE daily email newsletter.