Western Alliance Bancorporation (NYSE:WAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday.
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. “
WAL has been the subject of a number of other reports. Barclays PLC initiated coverage on Western Alliance Bancorporation in a research report on Tuesday, February 14th. They issued an “overweight” rating for the company. Royal Bank of Canada restated a “buy” rating on shares of Western Alliance Bancorporation in a research report on Saturday, December 17th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Western Alliance Bancorporation currently has an average rating of “Buy” and an average target price of $47.13.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 50.80 on Friday. The stock’s 50 day moving average is $51.23 and its 200-day moving average is $44.83. Western Alliance Bancorporation has a one year low of $29.72 and a one year high of $53.84. The company has a market cap of $5.27 billion, a PE ratio of 20.32 and a beta of 1.56.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, January 26th. The financial services provider reported $0.67 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.67. The company earned $185.75 million during the quarter, compared to the consensus estimate of $193.29 million. Western Alliance Bancorporation had a return on equity of 15.12% and a net margin of 34.95%. Western Alliance Bancorporation’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. Equities research analysts expect that Western Alliance Bancorporation will post $2.97 earnings per share for the current year.
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In other Western Alliance Bancorporation news, Director Cary Mack sold 53,000 shares of the stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $52.47, for a total value of $2,780,910.00. Following the sale, the director now owns 44,090 shares in the company, valued at $2,313,402.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Merrill Wall sold 19,052 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $53.57, for a total value of $1,020,615.64. Following the completion of the sale, the executive vice president now owns 103,020 shares in the company, valued at approximately $5,518,781.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 233,201 shares of company stock valued at $11,990,439. 10.27% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. NN Investment Partners Holdings N.V. raised its stake in Western Alliance Bancorporation by 24.6% in the fourth quarter. NN Investment Partners Holdings N.V. now owns 22,165 shares of the financial services provider’s stock worth $1,080,000 after buying an additional 4,370 shares during the last quarter. Mountain Pacific Investment Advisers Inc. ID raised its stake in Western Alliance Bancorporation by 8.6% in the third quarter. Mountain Pacific Investment Advisers Inc. ID now owns 231,200 shares of the financial services provider’s stock worth $8,679,000 after buying an additional 18,400 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in Western Alliance Bancorporation by 5.6% in the third quarter. TIAA CREF Investment Management LLC now owns 369,912 shares of the financial services provider’s stock worth $13,886,000 after buying an additional 19,502 shares during the last quarter. State Street Corp raised its stake in Western Alliance Bancorporation by 9.0% in the fourth quarter. State Street Corp now owns 2,988,976 shares of the financial services provider’s stock worth $145,594,000 after buying an additional 246,112 shares during the last quarter. Finally, First Republic Investment Management Inc. acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth $1,704,000. Institutional investors and hedge funds own 80.70% of the company’s stock.
About Western Alliance Bancorporation
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.
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