Citigroup began coverage on shares of Western Alliance Bancorporation (NYSE:WAL) in a research report report published on Monday morning, MarketBeat reports. The firm issued a neutral rating and a $69.00 price target on the financial services provider’s stock.
WAL has been the topic of a number of other reports. ValuEngine upgraded Western Alliance Bancorporation from a hold rating to a buy rating in a research note on Thursday, March 1st. Zacks Investment Research cut Western Alliance Bancorporation from a buy rating to a hold rating in a research note on Wednesday, February 28th. Sandler O’Neill restated a buy rating and issued a $68.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, April 20th. Finally, UBS Group began coverage on Western Alliance Bancorporation in a research note on Wednesday, March 21st. They issued a buy rating and a $70.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $66.96.
Western Alliance Bancorporation opened at $61.17 on Monday, according to MarketBeat. The firm has a market cap of $6.53 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 1.17 and a beta of 1.57. Western Alliance Bancorporation has a one year low of $44.83 and a one year high of $64.06. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.29.
Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, April 19th. The financial services provider reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.03. The company had revenue of $226.90 million for the quarter, compared to analysts’ expectations of $232.59 million. Western Alliance Bancorporation had a return on equity of 16.18% and a net margin of 37.80%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.70 EPS. sell-side analysts forecast that Western Alliance Bancorporation will post 4.05 EPS for the current fiscal year.
In other Western Alliance Bancorporation news, EVP Gerald A. Cady sold 5,500 shares of Western Alliance Bancorporation stock in a transaction dated Monday, April 30th. The stock was sold at an average price of $60.00, for a total transaction of $330,000.00. Following the completion of the transaction, the executive vice president now owns 87,789 shares of the company’s stock, valued at approximately $5,267,340. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Reoch Mcauslan sold 3,000 shares of Western Alliance Bancorporation stock in a transaction dated Wednesday, June 6th. The shares were sold at an average price of $62.26, for a total value of $186,780.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,352 shares of company stock valued at $1,057,301 in the last ninety days. Insiders own 7.48% of the company’s stock.
A number of hedge funds have recently bought and sold shares of WAL. BlackRock Inc. grew its holdings in Western Alliance Bancorporation by 18.0% during the 1st quarter. BlackRock Inc. now owns 5,361,669 shares of the financial services provider’s stock valued at $311,565,000 after buying an additional 817,211 shares in the last quarter. Carillon Tower Advisers Inc. purchased a new position in Western Alliance Bancorporation during the 4th quarter valued at about $29,732,000. Westwood Holdings Group Inc. grew its holdings in Western Alliance Bancorporation by 22.5% during the 4th quarter. Westwood Holdings Group Inc. now owns 2,816,826 shares of the financial services provider’s stock valued at $159,490,000 after buying an additional 516,722 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in Western Alliance Bancorporation by 63.7% during the 1st quarter. Epoch Investment Partners Inc. now owns 1,182,705 shares of the financial services provider’s stock valued at $68,726,000 after buying an additional 460,154 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Western Alliance Bancorporation by 46.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 999,696 shares of the financial services provider’s stock valued at $58,093,000 after buying an additional 318,269 shares in the last quarter. 83.19% of the stock is owned by institutional investors and hedge funds.
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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