Shares of Western Alliance Bancorporation (NYSE:WAL) fell 0.2% on Monday after Royal Bank of Canada lowered their price target on the stock to $61.00. Royal Bank of Canada currently has an outperform rating on the stock. Western Alliance Bancorporation traded as low as $49.08 and last traded at $49.28. 948,256 shares were traded during trading, a decline of 2% from the average session volume of 972,153 shares. The stock had previously closed at $49.40.

Several other analysts have also recently weighed in on WAL. Zacks Investment Research reissued a “sell” rating on shares of Western Alliance Bancorporation in a report on Saturday, June 30th. Wedbush began coverage on Western Alliance Bancorporation in a report on Tuesday, July 10th. They set an “outperform” rating and a $67.00 price target for the company. Barclays dropped their price target on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Monday. ValuEngine cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Friday. Finally, Stephens reissued a “buy” rating and set a $68.00 price target on shares of Western Alliance Bancorporation in a report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $65.27.

In related news, CEO Kenneth Vecchione acquired 10,400 shares of the company’s stock in a transaction on Friday, July 27th. The stock was purchased at an average cost of $56.95 per share, with a total value of $592,280.00. Following the acquisition, the chief executive officer now directly owns 264,667 shares of the company’s stock, valued at $15,072,785.65. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Dale Gibbons acquired 2,093 shares of the company’s stock in a transaction on Friday, July 27th. The stock was bought at an average cost of $56.88 per share, with a total value of $119,049.84. Following the completion of the acquisition, the insider now directly 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 insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in WAL. CIBC Private Wealth Group LLC raised its holdings in Western Alliance Bancorporation by 275.6% in the 2nd quarter. CIBC Private Wealth Group LLC now owns 545,964 shares of the financial services provider’s stock valued at $30,908,000 after acquiring an additional 400,624 shares in the last quarter. Inverness Counsel LLC NY increased its stake in shares of Western Alliance Bancorporation by 87.4% in the 2nd quarter. Inverness Counsel LLC NY now owns 572,597 shares of the financial services provider’s stock valued at $32,415,000 after purchasing an additional 267,017 shares during the last quarter. Handelsbanken Fonder AB increased its stake in shares of Western Alliance Bancorporation by 93.3% in the 2nd quarter. Handelsbanken Fonder AB now owns 525,500 shares of the financial services provider’s stock valued at $29,749,000 after purchasing an additional 253,616 shares during the last quarter. British Airways Pensions Investment Management Ltd bought a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at $10,226,000. Finally, KBC Group NV bought a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at $9,083,000. 83.58% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.18, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market cap of $5.23 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.94 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.03 by $0.02. Western Alliance Bancorporation had a return on equity of 17.62% and a net margin of 39.69%. The company had revenue of $238.46 million for the quarter, compared to analyst estimates of $247.04 million. During the same quarter last year, the company posted $0.79 EPS. On average, equities analysts expect that Western Alliance Bancorporation will post 4.04 earnings per share for the current year.

Western Alliance Bancorporation Company Profile (NYSE:WAL)

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.

Further Reading: What are the reasons investors use put options?

Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.