Zacks Investment Research Lowers Western Alliance Bancorporation (WAL) to Sell
Zacks Investment Research cut shares of Western Alliance Bancorporation (NYSE:WAL) from a hold rating to a sell rating in a research note released on Tuesday morning.
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. “
Other equities research analysts have also recently issued reports about the stock. ValuEngine cut shares of Western Alliance Bancorporation from a buy rating to a hold rating in a report on Monday, June 11th. Wedbush began coverage on shares of Western Alliance Bancorporation in a report on Tuesday, July 10th. They set an outperform rating and a $67.00 price target for the company. Finally, Citigroup assumed coverage on shares of Western Alliance Bancorporation in a report on Monday, June 18th. They set a neutral rating and a $69.00 price target for the company. One investment 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. Western Alliance Bancorporation has a consensus rating of Buy and an average price target of $67.65.
Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, July 19th. The financial services provider reported $0.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.01. Western Alliance Bancorporation had a net margin of 38.48% and a return on equity of 16.68%. The company had revenue of $237.50 million during the quarter, compared to analysts’ expectations of $242.86 million. During the same period in the prior year, the company earned $0.76 earnings per share. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. equities analysts anticipate that Western Alliance Bancorporation will post 4.05 EPS for the current fiscal year.
In related news, Vice Chairman Dale Gibbons bought 2,093 shares of Western Alliance Bancorporation stock in a transaction that occurred on Friday, July 27th. The stock was acquired at an average price of $56.88 per share, for a total transaction of $119,049.84. Following the completion of the purchase, the insider now owns 185,308 shares in the company, valued at $10,540,319.04. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donald D. Snyder sold 4,500 shares of the stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $58.64, for a total transaction of $263,880.00. Following the completion of the sale, the director now owns 97,239 shares of the company’s stock, valued at approximately $5,702,094.96. The disclosure for this sale can be found here. 7.48% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. Ladenburg Thalmann Financial Services Inc. raised its position in Western Alliance Bancorporation by 44.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,344 shares of the financial services provider’s stock worth $195,000 after purchasing an additional 1,023 shares in the last quarter. Mount Yale Investment Advisors LLC acquired a new position in Western Alliance Bancorporation in the first quarter worth about $205,000. Atria Investments LLC acquired a new position in Western Alliance Bancorporation in the second quarter worth about $210,000. Clinton Group Inc. acquired a new position in Western Alliance Bancorporation in the first quarter worth about $212,000. Finally, Fiduciary Trust Co. acquired a new position in Western Alliance Bancorporation in the second quarter worth about $215,000. 83.89% of the stock is owned by hedge funds and other institutional investors.
About Western Alliance Bancorporation
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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