Western Alliance Bancorporation (NYSE:WAL) has been assigned an average recommendation of “Buy” from the ten research firms that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $58.83.
A number of analysts recently weighed in on WAL shares. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, October 5th. Wedbush reissued an “outperform” rating on shares of Western Alliance Bancorporation in a report on Tuesday, July 16th. Finally, SunTrust Banks lowered their price target on shares of Western Alliance Bancorporation from $57.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, October 3rd.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Comerica Bank grew its holdings in shares of Western Alliance Bancorporation by 7.3% in the 1st quarter. Comerica Bank now owns 5,902 shares of the financial services provider’s stock valued at $256,000 after buying an additional 403 shares during the period. Pitcairn Co. grew its holdings in shares of Western Alliance Bancorporation by 3.1% in the 2nd quarter. Pitcairn Co. now owns 15,698 shares of the financial services provider’s stock valued at $702,000 after buying an additional 471 shares during the period. Creative Planning grew its holdings in shares of Western Alliance Bancorporation by 1.6% in the 2nd quarter. Creative Planning now owns 32,949 shares of the financial services provider’s stock valued at $1,473,000 after buying an additional 529 shares during the period. Bessemer Group Inc. grew its holdings in shares of Western Alliance Bancorporation by 1,048.3% in the 2nd quarter. Bessemer Group Inc. now owns 666 shares of the financial services provider’s stock valued at $30,000 after buying an additional 608 shares during the period. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at $31,000. 83.32% of the stock is owned by hedge funds and other institutional investors.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.03. The business had revenue of $267.30 million during the quarter, compared to analyst estimates of $274.37 million. Western Alliance Bancorporation had a net margin of 39.87% and a return on equity of 17.76%. Western Alliance Bancorporation’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 earnings per share. Sell-side analysts expect that Western Alliance Bancorporation will post 4.74 earnings per share for the current year.
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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