Jefferies Group LLC restated their buy rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a report released on Tuesday, October 24th. They currently have a $65.00 target price on the financial services provider’s stock. Jefferies Group also issued estimates for Western Alliance Bancorporation’s Q4 2017 earnings at $0.85 EPS, Q1 2018 earnings at $0.90 EPS, Q2 2018 earnings at $0.89 EPS, Q3 2018 earnings at $0.94 EPS, Q4 2018 earnings at $0.97 EPS, FY2018 earnings at $3.70 EPS and FY2019 earnings at $4.10 EPS.
WAL has been the topic of a number of other research reports. Zacks Investment Research cut Western Alliance Bancorporation from a buy rating to a hold rating in a research note on Saturday, September 9th. Barclays PLC set a $62.00 price target on shares of Western Alliance Bancorporation and gave the company a buy rating in a research report on Wednesday, October 11th. Keefe, Bruyette & Woods set a $58.00 price target on shares of Western Alliance Bancorporation and gave the company a buy rating in a research report on Monday, June 26th. BidaskClub upgraded shares of Western Alliance Bancorporation from a hold rating to a buy rating in a report on Wednesday, July 12th. Finally, Royal Bank of Canada reiterated a buy rating and set a $58.00 target price on shares of Western Alliance Bancorporation in a report on Friday, September 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the company’s stock. Western Alliance Bancorporation presently has a consensus rating of Buy and an average target price of $62.06.
Western Alliance Bancorporation (WAL) traded down $0.25 during trading on Tuesday, reaching $53.42. The company had a trading volume of 349,400 shares, compared to its average volume of 655,428. Western Alliance Bancorporation has a fifty-two week low of $42.32 and a fifty-two week high of $57.04. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $5,661.65, a P/E ratio of 18.19, a price-to-earnings-growth ratio of 1.54 and a beta of 1.77.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.01. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The business had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $212.27 million. During the same quarter in the previous year, the firm posted $0.66 EPS. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. equities analysts anticipate that Western Alliance Bancorporation will post 3.07 earnings per share for the current year.
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In related news, Chairman Robert Gary Sarver sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the completion of the sale, the chairman now owns 54,000 shares of the company’s stock, valued at $2,611,980. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Reoch Mcauslan sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $56.49, for a total transaction of $225,960.00. Following the sale, the executive vice president now directly owns 23,200 shares of the company’s stock, valued at approximately $1,310,568. The disclosure for this sale can be found here. Insiders sold 269,000 shares of company stock valued at $14,230,910 over the last 90 days. 7.95% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Western Alliance Bancorporation by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 7,445,077 shares of the financial services provider’s stock worth $366,298,000 after acquiring an additional 195,031 shares during the last quarter. Swiss National Bank lifted its stake in shares of Western Alliance Bancorporation by 6.3% during the 2nd quarter. Swiss National Bank now owns 166,300 shares of the financial services provider’s stock valued at $8,182,000 after buying an additional 9,900 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in shares of Western Alliance Bancorporation by 532.8% during the 2nd quarter. Eagle Asset Management Inc. now owns 721,972 shares of the financial services provider’s stock valued at $35,521,000 after buying an additional 607,885 shares in the last quarter. Nicholas Investment Partners LP lifted its stake in shares of Western Alliance Bancorporation by 5.4% during the 2nd quarter. Nicholas Investment Partners LP now owns 134,428 shares of the financial services provider’s stock valued at $6,612,000 after buying an additional 6,944 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Western Alliance Bancorporation by 0.7% during the 2nd quarter. Rhumbline Advisers now owns 116,739 shares of the financial services provider’s stock valued at $5,744,000 after buying an additional 859 shares in the last quarter. Institutional investors own 81.57% 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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