Western Alliance Bancorporation (NYSE:WAL) Stock Rating Lowered by Zacks Investment Research

Western Alliance Bancorporation (NYSE:WAL) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

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 research firms also recently weighed in on WAL. Truist Financial boosted their target price on Western Alliance Bancorporation from $85.00 to $117.00 in a research report on Tuesday. Royal Bank of Canada upped their price objective on shares of Western Alliance Bancorporation from $104.00 to $115.00 and gave the company an “outperform” rating in a research note on Monday. DA Davidson lifted their target price on shares of Western Alliance Bancorporation from $70.00 to $82.00 and gave the stock a “buy” rating in a research report on Monday, January 25th. Wedbush boosted their price objective on Western Alliance Bancorporation from $85.00 to $95.00 and gave the company an “outperform” rating in a research report on Wednesday, February 17th. Finally, Piper Sandler raised their target price on shares of Western Alliance Bancorporation from $81.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 17th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $91.57.

Western Alliance Bancorporation stock opened at $100.39 on Wednesday. Western Alliance Bancorporation has a fifty-two week low of $26.75 and a fifty-two week high of $104.85. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market cap of $10.15 billion, a P/E ratio of 23.62 and a beta of 1.76. The firm’s fifty day moving average price is $95.88 and its 200-day moving average price is $68.85.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Wednesday, April 14th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.43. Western Alliance Bancorporation had a return on equity of 14.37% and a net margin of 32.82%. During the same quarter last year, the company earned $0.83 earnings per share. On average, analysts predict that Western Alliance Bancorporation will post 3.88 earnings per share for the current year.

In related news, Director Robert P. Latta sold 2,474 shares of the stock in a transaction dated Friday, March 5th. The shares were sold at an average price of $95.53, for a total value of $236,341.22. Following the completion of the transaction, the director now directly owns 3,074 shares in the company, valued at approximately $293,659.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.46% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of WAL. Great West Life Assurance Co. Can grew its stake in shares of Western Alliance Bancorporation by 5.7% in the 3rd quarter. Great West Life Assurance Co. Can now owns 7,601 shares of the financial services provider’s stock worth $240,000 after buying an additional 408 shares during the last quarter. Hood River Capital Management LLC purchased a new position in Western Alliance Bancorporation during the fourth quarter valued at $42,325,000. Emerald Mutual Fund Advisers Trust bought a new stake in Western Alliance Bancorporation in the fourth quarter worth $1,794,000. CIBC Asset Management Inc purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $239,000. Finally, MUFG Americas Holdings Corp purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth $145,000. 84.14% of the stock is currently owned by hedge funds and other institutional investors.

About Western Alliance Bancorporation

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 in two segments, Commercial and Consumer Related. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; and treasury management and residential mortgage products and services.

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