Western Alliance Bancorporation (WAL) Stock Rating Reaffirmed by Zacks Investment Research

Western Alliance Bancorporation (NYSE:WAL)‘s stock had its “buy” rating restated by Zacks Investment Research in a report released on Saturday, January 6th. They presently have a $64.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.10% from the stock’s previous close.

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. “

Several other brokerages have also commented on WAL. Barclays raised their price objective on shares of Western Alliance Bancorporation from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. ValuEngine lowered shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Friday, December 15th. SunTrust Banks lifted their target price on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, October 26th. DA Davidson reissued a “buy” rating and set a $64.00 price target on shares of Western Alliance Bancorporation in a research report on Monday, October 23rd. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $64.50 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $66.59.

Shares of Western Alliance Bancorporation (NYSE:WAL) opened at $58.66 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.89 and a current ratio of 0.89. Western Alliance Bancorporation has a 1-year low of $44.64 and a 1-year high of $60.68. The firm has a market cap of $6,170.00, a PE ratio of 18.92, a PEG ratio of 1.34 and a beta of 1.76.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.85 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.03. Western Alliance Bancorporation had a net margin of 36.56% and a return on equity of 15.82%. The business had revenue of $224.72 million during the quarter, compared to analyst estimates of $225.19 million. During the same period last year, the business posted $0.70 earnings per share. research analysts predict that Western Alliance Bancorporation will post 3.92 EPS for the current year.

In other news, EVP Randall S. Theisen sold 2,942 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $59.00, for a total transaction of $173,578.00. Following the completion of the sale, the executive vice president now owns 39,321 shares of the company’s stock, valued at approximately $2,319,939. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert Reoch Mcauslan sold 3,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $56.36, for a total transaction of $169,080.00. Following the sale, the executive vice president now directly owns 20,200 shares of the company’s stock, valued at approximately $1,138,472. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,942 shares of company stock valued at $560,338. Insiders own 7.95% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ProShare Advisors LLC lifted its stake in shares of Western Alliance Bancorporation by 0.3% during the 2nd quarter. ProShare Advisors LLC now owns 16,516 shares of the financial services provider’s stock valued at $813,000 after buying an additional 48 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Western Alliance Bancorporation by 15.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock valued at $172,000 after buying an additional 469 shares in the last quarter. Symphony Asset Management LLC lifted its stake in shares of Western Alliance Bancorporation by 3.9% during the 2nd quarter. Symphony Asset Management LLC now owns 13,815 shares of the financial services provider’s stock valued at $680,000 after buying an additional 513 shares in the last quarter. Utah Retirement Systems lifted its stake in shares of Western Alliance Bancorporation by 4.7% during the 2nd quarter. Utah Retirement Systems now owns 17,800 shares of the financial services provider’s stock valued at $876,000 after buying an additional 800 shares in the last quarter. Finally, GW&K Investment Management LLC lifted its stake in shares of Western Alliance Bancorporation by 0.3% during the 4th quarter. GW&K Investment Management LLC now owns 320,452 shares of the financial services provider’s stock valued at $18,144,000 after buying an additional 958 shares in the last quarter. Institutional investors own 81.80% of the company’s stock.

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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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