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. “
Several other equities analysts also recently issued reports on the company. Jefferies Group reiterated a “buy” rating and issued a $42.00 price objective on shares of Western Alliance Bancorp in a research report on Tuesday, September 13th. Wells Fargo & Co. assumed coverage on Western Alliance Bancorp in a research note on Thursday, September 1st. They issued a “market perform” rating for the company. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $40.10.
Shares of Western Alliance Bancorp (NYSE:WAL) opened at 36.95 on Wednesday. Western Alliance Bancorp has a 52 week low of $26.60 and a 52 week high of $39.11. The company has a 50-day moving average price of $36.80 and a 200 day moving average price of $34.98. The stock has a market capitalization of $3.79 billion, a P/E ratio of 16.03 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 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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%. Analysts forecast that Western Alliance Bancorp will post $2.54 earnings per share for the current fiscal year.
In related news, EVP Robert Reoch Mcauslan sold 2,000 shares of Western Alliance Bancorp stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $36.50, for a total transaction of $73,000.00. Following the completion of the sale, the executive vice president now directly owns 41,323 shares of the company’s stock, valued at $1,508,289.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Marianne Boyd Johnson sold 4,500 shares of Western Alliance Bancorp stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $37.90, for a total value of $170,550.00. Following the sale, the director now directly owns 3,295 shares of the company’s stock, valued at $124,880.50. The disclosure for this sale can be found here. Corporate insiders own 10.27% of the company’s stock.
Several large investors have recently made changes to their positions in the company. IFP Advisors Inc boosted its stake in shares of 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 worth $664,000 after buying an additional 75 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Western Alliance Bancorp during the first quarter worth approximately $871,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in shares of Western Alliance Bancorp by 2.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 82,843 shares of the financial services provider’s stock worth $2,765,000 after buying an additional 1,750 shares during the period. Teachers Advisors Inc. boosted its position in Western Alliance Bancorp by 0.3% in the first quarter. Teachers Advisors Inc. now owns 787,789 shares of the financial services provider’s stock worth $26,296,000 after buying an additional 2,302 shares during the last quarter. Finally, Prudential Financial Inc. boosted 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 during the last quarter. 79.12% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.