ValuEngine cut shares of Western Alliance Bancorporation (NYSE:WAL) from a sell rating to a strong sell rating in a report published on Wednesday morning.
Several other research firms have also issued reports on WAL. Citigroup lowered their price target on shares of Western Alliance Bancorporation from $69.00 to $56.00 and set a neutral rating on the stock in a research report on Monday, October 22nd. Barclays reduced their price objective on shares of Western Alliance Bancorporation from $70.00 to $65.00 and set an overweight rating for the company in a research note on Monday, October 22nd. Zacks Investment Research raised shares of Western Alliance Bancorporation from a sell rating to a hold rating in a research note on Saturday, October 13th. Stephens reaffirmed a buy rating and set a $68.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, October 19th. Finally, Royal Bank of Canada reduced their price objective on shares of Western Alliance Bancorporation to $61.00 and set an outperform rating for the company in a research note on Monday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. Western Alliance Bancorporation currently has an average rating of Buy and an average price target of $64.80.
NYSE WAL opened at $41.29 on Wednesday. Western Alliance Bancorporation has a 12-month low of $40.71 and a 12-month high of $64.06. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $4.59 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 0.94 and a beta of 1.49.
Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, October 18th. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.02. Western Alliance Bancorporation had a net margin of 39.69% and a return on equity of 17.27%. The company had revenue of $238.46 million for the quarter, compared to analyst estimates of $247.04 million. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Research analysts predict that Western Alliance Bancorporation will post 4.09 earnings per share for the current fiscal year.
In other news, Director Michael Patriarca acquired 2,140 shares of Western Alliance Bancorporation stock in a transaction that occurred on Wednesday, October 24th. The stock was bought at an average price of $46.78 per share, with a total value of $100,109.20. Following the completion of the purchase, the director now owns 8,875 shares in the company, valued at $415,172.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.48% of the stock is currently owned by insiders.
A number of large investors have recently modified their holdings of WAL. Moody Aldrich Partners LLC purchased a new position in Western Alliance Bancorporation during the third quarter valued at approximately $209,000. Fiduciary Trust Co. purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth approximately $215,000. Signition LP purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth approximately $236,000. Piedmont Investment Advisors Inc. grew its stake in Western Alliance Bancorporation by 28,586.7% in the 3rd quarter. Piedmont Investment Advisors Inc. now owns 4,303 shares of the financial services provider’s stock worth $245,000 after buying an additional 4,288 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Western Alliance Bancorporation in the 3rd quarter worth approximately $247,000. 84.80% of the stock is owned by institutional investors.
About Western Alliance Bancorporation
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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