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

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

A number of other brokerages have also commented on WAL. DA Davidson decreased their price target on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Royal Bank of Canada raised their price target on Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Truist Financial raised their price objective on Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Wedbush reiterated an “outperform” rating and issued a $70.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $84.27.

Western Alliance Bancorporation Stock Up 0.5 %

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

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

Insider Buying and Selling at Western Alliance Bancorporation

In other news, insider Stephen Russell Curley sold 5,070 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the sale, the insider now owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Russell Curley sold 5,070 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total transaction of $387,500.10. Following the completion of the sale, the insider now owns 36,718 shares in the company, valued at $2,806,356.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,186 shares of company stock worth $612,410. Insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation during the 1st quarter worth $27,000. GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares during the last quarter. ORG Partners LLC acquired a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $36,000. Chilton Capital Management LLC acquired a new position in Western Alliance Bancorporation during the second quarter worth approximately $54,000. Finally, Rakuten Securities Inc. purchased a new stake in Western Alliance Bancorporation during the fourth quarter worth approximately $65,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.