Western Alliance Bancorp (WAL) Earns Buy Rating from Jefferies Group

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Western Alliance Bancorp (NYSE:WAL)‘s stock had its “buy” rating reissued by analysts at Jefferies Group in a research note issued to investors on Tuesday. They currently have a $42.00 price objective on the financial services provider’s stock. Jefferies Group’s target price suggests a potential upside of 16.89% from the stock’s previous close.
Several other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of Western Alliance Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 25th. Wells Fargo & Co. started coverage on shares of Western Alliance Bancorp in a report on Thursday, September 1st. They set a “market perform” rating for the company. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $39.70.
Western Alliance Bancorp (NYSE:WAL) traded down 0.88% on Tuesday, reaching $35.93. 955,273 shares of the company traded hands. The company has a market capitalization of $3.69 billion, a P/E ratio of 15.59 and a beta of 1.61. Western Alliance Bancorp has a 12 month low of $26.60 and a 12 month high of $39.11. The company has a 50-day moving average price of $36.03 and a 200-day moving average price of $34.57.

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Western Alliance Bancorp (NYSE:WAL) last released its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.01. Western Alliance Bancorp had a net margin of 35.86% and a return on equity of 14.48%. Equities research analysts expect that Western Alliance Bancorp will post $2.54 EPS for the current year.
In other news, Director Marianne Boyd Johnson sold 4,500 shares of Western Alliance Bancorp stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $37.90, for a total value of $170,550.00. Following the completion of the transaction, the director now directly owns 3,295 shares of the company’s stock, valued at approximately $124,880.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Donald D. Snyder sold 15,000 shares of Western Alliance Bancorp stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $34.00, for a total transaction of $510,000.00. Following the completion of the transaction, the director now directly owns 117,579 shares of the company’s stock, valued at $3,997,686. The disclosure for this sale can be found here. 10.27% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp raised its position in Western Alliance Bancorp by 223.3% in the fourth quarter. Stifel Financial Corp now owns 313,189 shares of the financial services provider’s stock valued at $10,530,000 after buying an additional 216,313 shares during the period. Norges Bank purchased a new position in Western Alliance Bancorp during the fourth quarter worth about $26,971,000. Fox Run Management L.L.C. raised its position in Western Alliance Bancorp by 92.1% in the first quarter. Fox Run Management L.L.C. now owns 12,100 shares of the financial services provider’s stock worth $404,000 after buying an additional 5,800 shares during the last quarter. Boston Advisors LLC purchased a new position in Western Alliance Bancorp during the first quarter worth about $2,763,000. Finally, Quantitative Systematic Strategies LLC raised its position in Western Alliance Bancorp by 56.2% in the first quarter. Quantitative Systematic Strategies LLC now owns 43,432 shares of the financial services provider’s stock worth $1,473,000 after buying an additional 15,625 shares during the last quarter. 79.40% of the stock is owned by institutional investors and hedge funds.
Western Alliance Bancorp Company Profile
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposits, lending, treasury management and online banking products and services through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s segments are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other.

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