Western Alliance Bancorporation (NYSE:WAL) Raised to Hold at StockNews.com

Western Alliance Bancorporation (NYSE:WAL) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Monday.

A number of other equities analysts have also issued reports on WAL. Piper Sandler raised their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada lifted their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Wells Fargo & Company lifted their price objective on Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Finally, DA Davidson reduced their price objective on Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Up 0.5 %

Shares of Western Alliance Bancorporation stock traded up $0.34 during trading on Monday, reaching $73.32. The company’s stock had a trading volume of 2,343,669 shares, compared to its average volume of 1,252,390. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The company has a market cap of $8.07 billion, a price-to-earnings ratio of 10.69, a P/E/G ratio of 1.39 and a beta of 1.45. Western Alliance Bancorporation has a 1-year low of $38.81 and a 1-year high of $82.48. The company has a 50-day simple moving average of $65.93 and a two-hundred day simple moving average of $62.62.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a return on equity of 14.18% and a net margin of 15.54%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter last year, the business posted $1.96 EPS. As a group, equities analysts forecast that Western Alliance Bancorporation will post 7.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Stephen Russell Curley sold 5,070 shares of Western Alliance Bancorporation stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $76.43, for a total transaction of $387,500.10. Following the transaction, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the transaction, the chief accounting officer now owns 5,636 shares in the company, valued at $361,831.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,186 shares of company stock worth $612,410. Insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after acquiring an additional 395,101 shares during the period. WCM Investment Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $12,387,000. Smead Capital Management Inc. purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $77,957,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Western Alliance Bancorporation during the fourth quarter worth about $917,000. Finally, Strs Ohio raised its holdings in Western Alliance Bancorporation by 35.3% during the fourth quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock worth $5,697,000 after purchasing an additional 22,600 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; demand deposits; and treasury management and residential mortgage products and services.