Western Alliance Bancorporation (WAL) Stock Rating Reaffirmed by Barclays PLC
Barclays PLC restated their overweight rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a report released on Monday morning. The brokerage currently has a $59.00 price objective on the financial services provider’s stock, up from their previous price objective of $58.00.
WAL has been the subject of a number of other reports. Keefe, Bruyette & Woods set a $58.00 price objective on Western Alliance Bancorporation and gave the stock a buy rating in a research report on Monday, June 26th. Zacks Investment Research upgraded Western Alliance Bancorporation from a hold rating to a buy rating and set a $55.00 price objective for the company in a research report on Tuesday, April 4th. Jefferies Group LLC reiterated a buy rating and issued a $58.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday, May 15th. Royal Bank Of Canada reiterated a buy rating and issued a $57.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday, April 3rd. Finally, BidaskClub lowered Western Alliance Bancorporation from a buy rating to a hold rating in a research report on Tuesday, July 18th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Western Alliance Bancorporation has a consensus rating of Buy and an average target price of $57.20.
Shares of Western Alliance Bancorporation (WAL) opened at 49.99 on Monday. Western Alliance Bancorporation has a 12-month low of $33.28 and a 12-month high of $53.84. The firm has a market cap of $5.21 billion, a P/E ratio of 18.05 and a beta of 1.74. The company has a 50-day moving average of $49.23 and a 200 day moving average of $48.92.
Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.03. The firm had revenue of $203.19 million during the quarter, compared to analyst estimates of $203.71 million. Western Alliance Bancorporation had a return on equity of 15.54% and a net margin of 35.67%. During the same period last year, the company earned $0.62 earnings per share. Equities analysts predict that Western Alliance Bancorporation will post $3.04 EPS for the current year.
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In other news, Chairman Robert Gary Sarver sold 65,448 shares of Western Alliance Bancorporation stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $50.39, for a total transaction of $3,297,924.72. Following the transaction, the chairman now owns 54,000 shares in the company, valued at approximately $2,721,060. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 7.95% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in WAL. Bank of New York Mellon Corp boosted its position in Western Alliance Bancorporation by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 505,840 shares of the financial services provider’s stock valued at $24,831,000 after buying an additional 10,797 shares during the period. Waratah Capital Advisors Ltd. acquired a new position in Western Alliance Bancorporation during the first quarter valued at $1,076,000. Highbridge Capital Management LLC boosted its position in Western Alliance Bancorporation by 15.0% in the first quarter. Highbridge Capital Management LLC now owns 97,342 shares of the financial services provider’s stock valued at $4,778,000 after buying an additional 12,670 shares during the period. Guggenheim Capital LLC boosted its position in Western Alliance Bancorporation by 52.8% in the fourth quarter. Guggenheim Capital LLC now owns 20,666 shares of the financial services provider’s stock valued at $1,007,000 after buying an additional 7,141 shares during the period. Finally, Norges Bank acquired a new position in Western Alliance Bancorporation during the fourth quarter valued at $34,959,000. Institutional investors and hedge funds own 84.46% of the company’s stock.
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.
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