Western Alliance Bancorp (NYSE:WAL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $41.00 target price on the financial services provider’s stock. Zacks Investment Research’s target price would indicate a potential upside of 9.22% from the company’s previous close.
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 several other research reports. Wells Fargo & Co. started coverage on Western Alliance Bancorp in a research note on Thursday, September 1st. They issued a “market perform” rating on the stock. Jefferies Group reiterated a “buy” rating and issued a $42.00 price target on shares of Western Alliance Bancorp in a research note on Tuesday, September 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $40.10.
Western Alliance Bancorp (NYSE:WAL) opened at 37.54 on Tuesday. The stock has a 50 day moving average price of $36.75 and a 200-day moving average price of $34.97. Western Alliance Bancorp has a 12-month low of $26.60 and a 12-month high of $39.11. The stock has a market cap of $3.85 billion, a P/E ratio of 16.29 and a beta of 1.61.
Western Alliance Bancorp (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.01. Western Alliance Bancorp had a return on equity of 14.48% and a net margin of 35.86%. On average, equities analysts expect that Western Alliance Bancorp will post $2.54 earnings per share for the current year.
In other Western Alliance Bancorp news, Director Donald D. Snyder sold 15,000 shares of the company’s stock in a transaction that occurred 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 owns 117,579 shares in the company, valued at $3,997,686. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert Reoch Mcauslan sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $36.50, for a total value of $73,000.00. Following the sale, the executive vice president now owns 41,323 shares in the company, valued at approximately $1,508,289.50. The disclosure for this sale can be found here. Company insiders own 10.27% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. TCI Wealth Advisors Inc. boosted its stake in shares of 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 last quarter. IFP Advisors Inc raised its position in Western Alliance Bancorp by 0.4% in the first quarter. IFP Advisors Inc now owns 19,892 shares of the financial services provider’s stock valued at $664,000 after buying an additional 75 shares during the period. 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 valued at $2,090,000 after buying an additional 535 shares during the period. Foundry Partners LLC raised its position in Western Alliance Bancorp by 8.4% in the second quarter. Foundry Partners LLC now owns 7,125 shares of the financial services provider’s stock valued at $233,000 after buying an additional 550 shares during the period. Finally, BB&T Corp raised its position in Western Alliance Bancorp by 5.3% in the second quarter. BB&T Corp now owns 14,546 shares of the financial services provider’s stock valued at $474,000 after buying an additional 735 shares during the period. Hedge funds and other institutional investors own 79.12% 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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