Western Alliance Bancorporation (NYSE:WAL) Cut to “Hold” at Zacks Investment Research

Western Alliance Bancorporation (NYSE:WAL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, November 2nd.

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. “

A number of other equities analysts also recently commented on the stock. SunTrust Banks, Inc. lifted their price objective on shares of Western Alliance Bancorporation from $59.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 26th. Barclays PLC set a $65.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a report on Monday, October 23rd. DA Davidson reissued a “buy” rating and set a $64.00 price target on shares of Western Alliance Bancorporation in a report on Monday, October 23rd. Jefferies Group LLC reissued a “buy” rating and set a $65.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $64.50 price target on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $62.06.

Western Alliance Bancorporation (NYSE:WAL) traded up $0.06 on Thursday, hitting $55.37. 429,152 shares of the stock were exchanged, compared to its average volume of 648,634. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.89 and a quick ratio of 0.89. The stock has a market capitalization of $5,830.00, a price-to-earnings ratio of 18.55, a P/E/G ratio of 1.57 and a beta of 1.77. Western Alliance Bancorporation has a 12 month low of $44.64 and a 12 month high of $57.04.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. The business had revenue of $211.50 million during 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 business’s revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.66 earnings per share. analysts forecast that Western Alliance Bancorporation will post 3.07 earnings per share for the current year.

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In related news, CEO Robert Gary Sarver sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $55.22, for a total value of $5,522,000.00. Following the completion of the sale, the chief executive officer now owns 54,000 shares of the company’s stock, valued at approximately $2,981,880. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Marianne Boyd Johnson sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $54.42, for a total value of $217,680.00. Following the completion of the sale, the director now directly owns 3,295 shares of the company’s stock, valued at approximately $179,313.90. The disclosure for this sale can be found here. Insiders sold a total of 173,000 shares of company stock worth $9,611,590 in the last quarter. 7.95% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings 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 worth $366,298,000 after buying an additional 195,031 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Western Alliance Bancorporation by 7,273.7% during the first quarter. BlackRock Inc. now owns 4,338,702 shares of the financial services provider’s stock worth $212,988,000 after buying an additional 4,279,862 shares during the last quarter. State Street Corp lifted its holdings in shares of Western Alliance Bancorporation by 8.8% during the second quarter. State Street Corp now owns 3,624,387 shares of the financial services provider’s stock worth $178,321,000 after buying an additional 293,800 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Western Alliance Bancorporation by 0.4% during the third quarter. Victory Capital Management Inc. now owns 3,257,396 shares of the financial services provider’s stock worth $172,903,000 after buying an additional 13,852 shares during the last quarter. Finally, Westwood Holdings Group Inc. raised its stake in shares of Western Alliance Bancorporation by 38.3% in the second quarter. Westwood Holdings Group Inc. now owns 2,480,947 shares of the financial services provider’s stock valued at $121,944,000 after purchasing an additional 686,665 shares in the last quarter. Institutional investors own 81.05% of the company’s stock.

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.

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Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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