Western Alliance Bancorporation (WAL) Given “Buy” Rating at Jefferies Group LLC
Other research analysts have also issued reports about the company. Keefe, Bruyette & Woods set a $58.00 target price on Western Alliance Bancorporation and gave the stock a buy rating in a research report on Monday, June 26th. BidaskClub raised Western Alliance Bancorporation from a hold rating to a buy rating in a research report on Wednesday, July 12th. SunTrust Banks, Inc. started coverage on Western Alliance Bancorporation in a research report on Friday, August 18th. They issued a buy rating and a $59.00 target price on the stock. Zacks Investment Research raised Western Alliance Bancorporation from a hold rating to a buy rating and set a $55.00 target price on the stock in a research report on Tuesday, July 25th. Finally, Barclays PLC reaffirmed an overweight rating and issued a $59.00 target price (up from $58.00) on shares of Western Alliance Bancorporation in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $57.50.
Shares of Western Alliance Bancorporation (NYSE WAL) opened at 47.70 on Tuesday. The company has a 50 day moving average of $49.24 and a 200-day moving average of $48.90. The stock has a market cap of $4.97 billion, a price-to-earnings ratio of 17.23 and a beta of 1.73. Western Alliance Bancorporation has a one year low of $35.56 and a one year high of $53.84.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.03. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. The company had revenue of $203.19 million for the quarter, compared to analyst estimates of $203.71 million. During the same period in the prior year, the firm posted $0.62 EPS. On average, analysts anticipate that Western Alliance Bancorporation will post $3.04 earnings per share for the current year.
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In other news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the transaction, the chairman now owns 54,000 shares of the company’s stock, valued at approximately $2,611,980. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.95% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of WAL. BNP Paribas Arbitrage SA raised its position in shares of Western Alliance Bancorporation by 72.1% in the second quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock worth $125,000 after buying an additional 1,060 shares in the last quarter. Winfield Associates Inc. raised its position in shares of Western Alliance Bancorporation by 0.6% in the second quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock worth $168,000 after buying an additional 20 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Western Alliance Bancorporation by 15.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock worth $172,000 after buying an additional 469 shares in the last quarter. Solaris Asset Management LLC raised its position in shares of Western Alliance Bancorporation by 1.3% in the first quarter. Solaris Asset Management LLC now owns 4,000 shares of the financial services provider’s stock worth $196,000 after buying an additional 50 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Western Alliance Bancorporation during the second quarter worth approximately $202,000. 81.33% of the stock is currently owned by institutional investors and hedge funds.
Western Alliance Bancorporation Company Profile
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.
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