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

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Shares of Western Alliance Bancorporation (NYSE:WAL) have been assigned a consensus rating of “Buy” from the fourteen ratings firms that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $65.50.

A number of brokerages have recently commented on WAL. Zacks Investment Research restated a “sell” rating on shares of Western Alliance Bancorporation in a research note on Saturday, June 30th. Royal Bank of Canada lowered their target price on Western Alliance Bancorporation to $61.00 and set an “outperform” rating on the stock in a research note on Monday. Wedbush began coverage on Western Alliance Bancorporation in a research note on Tuesday, July 10th. They issued an “outperform” rating and a $67.00 target price on the stock. Barclays lowered their target price on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Citigroup lowered their target price on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating on the stock in a research note on Monday.

Shares of WAL traded down $1.00 during mid-day trading on Monday, reaching $48.40. The company had a trading volume of 108,530 shares, compared to its average volume of 972,153. Western Alliance Bancorporation has a 52-week low of $49.08 and a 52-week high of $64.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 15.62, a PEG ratio of 0.94 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, October 18th. The financial services provider reported $1.05 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.02. Western Alliance Bancorporation had a return on equity of 17.62% and a net margin of 39.69%. The firm had revenue of $238.46 million for the quarter, compared to the consensus estimate of $247.04 million. During the same quarter in the prior year, the business earned $0.79 earnings per share. As a group, equities analysts anticipate that Western Alliance Bancorporation will post 4.04 EPS for the current fiscal year.

In other Western Alliance Bancorporation news, Vice Chairman Dale Gibbons purchased 2,093 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 185,308 shares of the company’s stock, valued at approximately $10,540,319.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kenneth Vecchione purchased 10,400 shares of the stock in a transaction on Friday, July 27th. The shares were acquired at an average price of $56.95 per share, for a total transaction of $592,280.00. Following the transaction, the chief executive officer now directly owns 264,667 shares of the company’s stock, valued at approximately $15,072,785.65. The disclosure for this purchase can be found here. Corporate insiders own 7.48% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. lifted its position in shares of Western Alliance Bancorporation by 18.7% in the second quarter. Meeder Asset Management Inc. now owns 5,816 shares of the financial services provider’s stock valued at $329,000 after acquiring an additional 915 shares in the last quarter. Ramsey Quantitative Systems lifted its position in shares of Western Alliance Bancorporation by 18.2% in the third quarter. Ramsey Quantitative Systems now owns 6,100 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 941 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Western Alliance Bancorporation by 4.1% in the second quarter. Advisors Asset Management Inc. now owns 24,283 shares of the financial services provider’s stock valued at $1,375,000 after acquiring an additional 955 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in shares of Western Alliance Bancorporation by 44.1% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,344 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 1,023 shares in the last quarter. Finally, Suntrust Banks Inc. lifted its position in shares of Western Alliance Bancorporation by 2.8% in the first quarter. Suntrust Banks Inc. now owns 39,663 shares of the financial services provider’s stock valued at $2,304,000 after acquiring an additional 1,085 shares in the last quarter. Institutional investors and hedge funds own 83.58% of the company’s stock.

About Western Alliance Bancorporation

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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