Zacks Investment Research upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. The brokerage currently has $58.00 price objective on the financial services provider’s stock.
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. “
A number of other analysts also recently issued reports on the company. Barclays PLC assumed coverage on Western Alliance Bancorporation in a research report on Tuesday, February 14th. They set an overweight rating for the company. Royal Bank of Canada reiterated a buy rating on shares of Western Alliance Bancorporation in a research report on Saturday, December 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $47.13.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 50.80 on Thursday. Western Alliance Bancorporation has a 52-week low of $29.72 and a 52-week high of $53.84. The firm has a market cap of $5.27 billion, a P/E ratio of 20.32 and a beta of 1.56. The firm’s 50-day moving average is $51.23 and its 200-day moving average is $44.83.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, January 26th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.67. The firm earned $185.75 million during the quarter, compared to the consensus estimate of $193.29 million. Western Alliance Bancorporation had a return on equity of 15.12% and a net margin of 34.95%. The company’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. Analysts anticipate that Western Alliance Bancorporation will post $2.97 earnings per share for the current year.
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In related news, EVP Randall S. Theisen sold 3,120 shares of the business’s stock in a transaction that occurred on Tuesday, January 31st. The stock was sold at an average price of $49.80, for a total value of $155,376.00. Following the completion of the sale, the executive vice president now owns 43,920 shares in the company, valued at approximately $2,187,216. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Merrill Wall sold 19,052 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $53.57, for a total value of $1,020,615.64. Following the completion of the sale, the executive vice president now owns 103,020 shares of the company’s stock, valued at approximately $5,518,781.40. The disclosure for this sale can be found here. Insiders sold a total of 233,201 shares of company stock valued at $11,990,439 in the last 90 days. 10.27% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Rothschild Asset Management Inc. increased its stake in Western Alliance Bancorporation by 2.4% in the third quarter. Rothschild Asset Management Inc. now owns 7,837 shares of the financial services provider’s stock worth $294,000 after buying an additional 185 shares during the last quarter. Mesirow Financial Investment Management Equity Management increased its stake in Western Alliance Bancorporation by 3.6% in the third quarter. Mesirow Financial Investment Management Equity Management now owns 747,914 shares of the financial services provider’s stock worth $28,078,000 after buying an additional 26,205 shares during the last quarter. Boston Advisors LLC increased its stake in Western Alliance Bancorporation by 15.1% in the third quarter. Boston Advisors LLC now owns 24,100 shares of the financial services provider’s stock worth $905,000 after buying an additional 3,160 shares during the last quarter. Navellier & Associates Inc increased its stake in Western Alliance Bancorporation by 203.5% in the third quarter. Navellier & Associates Inc now owns 23,948 shares of the financial services provider’s stock worth $899,000 after buying an additional 16,058 shares during the last quarter. Finally, Lebenthal Lisanti Capital Growth LLC increased its stake in Western Alliance Bancorporation by 89.2% in the third quarter. Lebenthal Lisanti Capital Growth LLC now owns 33,655 shares of the financial services provider’s stock worth $1,263,000 after buying an additional 15,870 shares during the last quarter. Institutional investors own 80.70% of the company’s stock.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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