Western Alliance Bancorporation (WAL) Shares Down 5.6%

Western Alliance Bancorporation (NYSE:WAL) dropped 5.6% during trading on Monday . The company traded as low as $44.68 and last traded at $44.96. Approximately 571,062 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 890,349 shares. The stock had previously closed at $47.63.

WAL has been the subject of a number of research analyst reports. Citigroup upgraded Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and decreased their price target for the company from $56.00 to $53.00 in a research note on Tuesday, January 15th. Wells Fargo & Co increased their price target on Western Alliance Bancorporation from $53.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Zacks Investment Research upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday, March 6th. Finally, ValuEngine upgraded Western Alliance Bancorporation from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 1st. 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 company. The stock presently has an average rating of “Buy” and an average price target of $59.88.

The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.14. The company has a market cap of $4.98 billion, a P/E ratio of 10.86, a PEG ratio of 0.88 and a beta of 1.57.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Western Alliance Bancorporation had a return on equity of 17.84% and a net margin of 40.08%. The company had revenue of $259.90 million during the quarter, compared to analysts’ expectations of $266.48 million. During the same period last year, the business posted $0.96 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. On average, analysts expect that Western Alliance Bancorporation will post 4.72 EPS for the current fiscal year.

In other news, EVP Randall S. Theisen sold 6,358 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $46.17, for a total value of $293,548.86. Following the completion of the transaction, the executive vice president now directly owns 39,869 shares in the company, valued at $1,840,751.73. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce D. Beach sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $46.55, for a total value of $174,562.50. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $232,750. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 78,459 shares of company stock valued at $3,657,307. Company insiders own 7.72% of the company’s stock.

Large investors have recently made changes to their positions in the company. Neuberger Berman Group LLC raised its stake in shares of 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 worth $410,000 after purchasing an additional 2,389 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth about $258,000. Handelsbanken Fonder AB grew its holdings in Western Alliance Bancorporation by 32.3% during the fourth quarter. Handelsbanken Fonder AB now owns 753,842 shares of the financial services provider’s stock worth $29,769,000 after acquiring an additional 183,842 shares during the period. Xact Kapitalforvaltning AB grew its holdings in Western Alliance Bancorporation by 33.7% during the fourth quarter. Xact Kapitalforvaltning AB now owns 17,860 shares of the financial services provider’s stock worth $705,000 after acquiring an additional 4,500 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Western Alliance Bancorporation by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,194,381 shares of the financial services provider’s stock worth $47,167,000 after acquiring an additional 42,204 shares during the period. Hedge funds and other institutional investors own 85.60% of the company’s stock.

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About Western Alliance Bancorporation (NYSE:WAL)

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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