Stephens Reaffirms “Buy” Rating for Western Alliance Bancorporation (WAL)
Stephens reaffirmed their buy rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a research report released on Friday morning. Stephens currently has a $68.00 price objective on the financial services provider’s stock.
A number of other research analysts have also recently commented on WAL. Zacks Investment Research cut Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Tuesday, September 25th. Wells Fargo & Co set a $66.00 target price on Western Alliance Bancorporation and gave the company a buy rating in a research note on Tuesday, October 2nd. Finally, Wedbush initiated coverage on Western Alliance Bancorporation in a research note on Tuesday, July 10th. They issued an outperform rating and a $67.00 target price for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $67.19.
NYSE WAL traded down $4.13 on Friday, hitting $49.40. The company’s stock had a trading volume of 4,217,030 shares, compared to its average volume of 807,751. Western Alliance Bancorporation has a 52-week low of $49.08 and a 52-week high of $64.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $5.67 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 1.02 and a beta of 1.47.
In related news, Director Donald D. Snyder sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $58.64, for a total transaction of $263,880.00. Following the completion of the transaction, the director now owns 97,239 shares of the company’s stock, valued at approximately $5,702,094.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Dale Gibbons acquired 2,093 shares of Western Alliance Bancorporation stock in a transaction that occurred on Friday, July 27th. The shares were bought at an average cost of $56.88 per share, with a total value of $119,049.84. Following the transaction, the insider now owns 185,308 shares in the company, valued at $10,540,319.04. The disclosure for this purchase can be found here. 7.48% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its position in Western Alliance Bancorporation by 5.9% during the 2nd quarter. Millennium Management LLC now owns 2,599,584 shares of the financial services provider’s stock valued at $147,162,000 after buying an additional 144,811 shares in the last quarter. Epoch Investment Partners Inc. increased its position in Western Alliance Bancorporation by 5.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 1,248,569 shares of the financial services provider’s stock valued at $70,681,000 after buying an additional 65,864 shares in the last quarter. Eagle Asset Management Inc. increased its position in Western Alliance Bancorporation by 15.6% during the 2nd quarter. Eagle Asset Management Inc. now owns 1,017,747 shares of the financial services provider’s stock valued at $57,614,000 after buying an additional 137,047 shares in the last quarter. Glenmede Trust Co. NA increased its position in Western Alliance Bancorporation by 3.6% during the 2nd quarter. Glenmede Trust Co. NA now owns 900,681 shares of the financial services provider’s stock valued at $50,987,000 after buying an additional 31,043 shares in the last quarter. Finally, Carillon Tower Advisers Inc. increased its position in Western Alliance Bancorporation by 15.8% during the 2nd quarter. Carillon Tower Advisers Inc. now owns 720,585 shares of the financial services provider’s stock valued at $40,792,000 after buying an additional 98,472 shares in the last quarter. 83.61% of the stock is owned by institutional investors.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts.
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