Western Alliance Bancorporation (WAL) Upgraded by ValuEngine to Sell

ValuEngine upgraded shares of Western Alliance Bancorporation (NYSE:WAL) from a strong sell rating to a sell rating in a research note published on Wednesday, May 1st, ValuEngine reports.

Several other research analysts also recently issued reports on the stock. Citigroup raised shares of Western Alliance Bancorporation from a neutral rating to a buy rating and lowered their price objective for the stock from $56.00 to $53.00 in a research report on Tuesday, January 15th. Wells Fargo & Co raised their price objective on shares of Western Alliance Bancorporation from $53.00 to $58.00 and gave the stock an outperform rating in a research report on Wednesday, April 24th. Finally, Zacks Investment Research raised shares of Western Alliance Bancorporation from a hold rating to a buy rating and set a $52.00 price objective on the stock in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $59.88.

Shares of Western Alliance Bancorporation stock opened at $44.56 on Wednesday. Western Alliance Bancorporation has a 1 year low of $37.39 and a 1 year high of $64.06. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 0.84 and a beta of 1.57.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Monday, April 22nd. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.10 by $0.06. Western Alliance Bancorporation had a net margin of 40.08% and a return on equity of 17.84%. The company had revenue of $259.90 million for the quarter, compared to the consensus estimate of $266.48 million. During the same period last year, the firm posted $0.96 EPS. Western Alliance Bancorporation’s revenue for the quarter was up 14.5% on a year-over-year basis. On average, research analysts forecast that Western Alliance Bancorporation will post 4.72 EPS for the current year.

In related news, Director Bruce D. Beach sold 3,750 shares of the business’s stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $46.55, for a total transaction of $174,562.50. Following the sale, the director now owns 5,000 shares of the company’s stock, valued at $232,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Reoch Mcauslan sold 2,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $44.97, for a total transaction of $89,940.00. Following the sale, the executive vice president now directly owns 15,611 shares in the company, valued at approximately $702,026.67. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,459 shares of company stock worth $3,657,307. Insiders own 7.72% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC raised its position in Western Alliance Bancorporation by 49.6% in the third quarter. Neuberger Berman Group LLC now owns 7,203 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 2,389 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at about $258,000. Handelsbanken Fonder AB boosted its holdings in shares of Western Alliance Bancorporation by 32.3% in the fourth quarter. Handelsbanken Fonder AB now owns 753,842 shares of the financial services provider’s stock valued at $29,769,000 after acquiring an additional 183,842 shares in the last quarter. Xact Kapitalforvaltning AB boosted its holdings in shares of Western Alliance Bancorporation by 33.7% in the fourth quarter. Xact Kapitalforvaltning AB now owns 17,860 shares of the financial services provider’s stock valued at $705,000 after acquiring an additional 4,500 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Western Alliance Bancorporation by 3.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,194,381 shares of the financial services provider’s stock valued at $47,167,000 after acquiring an additional 42,204 shares in the last quarter. 85.67% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Western Alliance Bancorporation (NYSE:WAL)

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