Western Alliance Bancorporation (WAL) Earns Outperform Rating from Wells Fargo & Co

Wells Fargo & Co reissued their outperform rating on shares of Western Alliance Bancorporation (NYSE:WAL) in a research note released on Tuesday, January 9th, The Fly reports. Wells Fargo & Co currently has a $62.00 price target on the financial services provider’s stock, up from their previous price target of $54.00.

Other analysts have also issued research reports about the stock. SunTrust Banks raised their price target on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the company a buy rating in a research report on Thursday, October 26th. Piper Jaffray Companies reaffirmed a buy rating and set a $64.50 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. Jefferies Group reaffirmed a buy rating and set a $65.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. Barclays set a $65.00 price objective on shares of Western Alliance Bancorporation and gave the company a buy rating in a report on Monday, October 23rd. Finally, DA Davidson reaffirmed a buy rating and set a $64.00 price objective on shares of Western Alliance Bancorporation in a report on Monday, October 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $63.45.

Western Alliance Bancorporation (NYSE:WAL) traded up $1.15 during mid-day trading on Tuesday, reaching $59.61. 952,701 shares of the company traded hands, compared to its average volume of 596,424. The firm has a market capitalization of $6,290.00, a price-to-earnings ratio of 20.41, a PEG ratio of 1.32 and a beta of 1.76. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.17. Western Alliance Bancorporation has a 52 week low of $44.64 and a 52 week high of $60.25.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01. The company had revenue of $211.50 million for the quarter, compared to analyst estimates of $212.27 million. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same quarter last year, the business earned $0.66 earnings per share. research analysts predict that Western Alliance Bancorporation will post 3.07 EPS for the current year.

In other Western Alliance Bancorporation news, Director William S. Boyd sold 10,000 shares of Western Alliance Bancorporation stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $55.55, for a total transaction of $555,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Reoch Mcauslan sold 4,000 shares of Western Alliance Bancorporation stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $56.49, for a total transaction of $225,960.00. Following the transaction, the executive vice president now directly owns 23,200 shares in the company, valued at $1,310,568. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 176,000 shares of company stock worth $9,780,670. Insiders own 7.95% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Maltese Capital Management LLC increased its position in shares of Western Alliance Bancorporation by 207.1% during the third quarter. Maltese Capital Management LLC now owns 215,000 shares of the financial services provider’s stock valued at $11,412,000 after acquiring an additional 145,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Western Alliance Bancorporation by 2.7% during the second quarter. Vanguard Group Inc. now owns 7,445,077 shares of the financial services provider’s stock valued at $366,298,000 after acquiring an additional 195,031 shares during the last quarter. Swiss National Bank increased its position in shares of Western Alliance Bancorporation by 6.3% during the second quarter. Swiss National Bank now owns 166,300 shares of the financial services provider’s stock valued at $8,182,000 after acquiring an additional 9,900 shares during the last quarter. Nicholas Investment Partners LP increased its position in shares of Western Alliance Bancorporation by 5.4% during the second quarter. Nicholas Investment Partners LP now owns 134,428 shares of the financial services provider’s stock valued at $6,612,000 after acquiring an additional 6,944 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new stake in shares of Western Alliance Bancorporation during the third quarter valued at about $2,182,000. 81.85% of the stock is currently owned by institutional investors.

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Western Alliance Bancorporation Company Profile

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.

The Fly

Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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