Western Alliance Bancorporation (WAL) Given Consensus Recommendation of “Buy” by Brokerages

Western Alliance Bancorporation (NYSE:WAL) has been assigned an average rating of “Buy” from the fourteen ratings firms that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $68.32.

Several equities research analysts have recently issued reports on WAL shares. Zacks Investment Research restated a “sell” rating on shares of Western Alliance Bancorporation in a research note on Saturday, June 30th. Wedbush started coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, July 10th. They set an “outperform” rating and a $67.00 price target for the company. ValuEngine lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. Finally, Citigroup started coverage on shares of Western Alliance Bancorporation in a research note on Monday, June 18th. They set a “neutral” rating and a $69.00 price target for the company.

Shares of WAL traded down $1.13 on Thursday, reaching $57.10. The company’s stock had a trading volume of 53,480 shares, compared to its average volume of 683,341. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.91 and a quick ratio of 0.91. Western Alliance Bancorporation has a twelve month low of $51.13 and a twelve month high of $64.06. The firm has a market capitalization of $6.26 billion, a PE ratio of 18.44, a P/E/G ratio of 1.12 and a beta of 1.51.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.99 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $242.86 million. During the same quarter in the prior year, the business posted $0.76 EPS. The firm’s revenue was up 16.8% compared to the same quarter last year. analysts expect that Western Alliance Bancorporation will post 4.05 EPS for the current year.

In other news, Director Donald D. Snyder sold 4,500 shares of the firm’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $58.64, for a total transaction of $263,880.00. Following the sale, the director now owns 97,239 shares in the company, valued at approximately $5,702,094.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Dale Gibbons acquired 2,093 shares of the stock in a transaction dated Friday, July 27th. The shares were bought at an average price of $56.88 per share, for a total transaction of $119,049.84. Following the transaction, the insider now owns 185,308 shares in the company, valued at approximately $10,540,319.04. The disclosure for this purchase can be found here. 7.48% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of WAL. Meeder Asset Management Inc. raised its position in Western Alliance Bancorporation by 18.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,816 shares of the financial services provider’s stock worth $329,000 after purchasing an additional 915 shares during the period. Advisors Asset Management Inc. raised its position in Western Alliance Bancorporation by 4.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 24,283 shares of the financial services provider’s stock worth $1,375,000 after purchasing an additional 955 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its position in Western Alliance Bancorporation by 44.1% in the 1st 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 during the period. Suntrust Banks Inc. raised its position in Western Alliance Bancorporation by 2.8% in the 1st quarter. Suntrust Banks Inc. now owns 39,663 shares of the financial services provider’s stock worth $2,304,000 after purchasing an additional 1,085 shares during the period. Finally, IFP Advisors Inc raised its position in Western Alliance Bancorporation by 10.0% in the 1st quarter. IFP Advisors Inc now owns 13,097 shares of the financial services provider’s stock worth $761,000 after purchasing an additional 1,193 shares during the period. Hedge funds and other institutional investors own 83.89% of the company’s stock.

Western Alliance Bancorporation Company Profile

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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Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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