Western Alliance Bancorporation (NYSE:WAL) Cut to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Western Alliance Bancorporation (NYSE:WAL) from a buy rating to a hold rating in a report released on Saturday, 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 equities research analysts have also issued reports on WAL. ValuEngine upgraded Western Alliance Bancorporation from a strong sell rating to a sell rating in a research report on Wednesday, May 1st. Wells Fargo & Co upped their price target on Western Alliance Bancorporation from $53.00 to $58.00 and gave the company an outperform rating in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $59.13.

NYSE:WAL opened at $45.04 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average price is $43.80. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 10.88, a P/E/G ratio of 0.83 and a beta of 1.60. Western Alliance Bancorporation has a 12 month low of $37.39 and a 12 month high of $60.01.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Monday, April 22nd. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $259.90 million during the quarter, compared to analyst estimates of $266.48 million. Western Alliance Bancorporation had a return on equity of 17.84% and a net margin of 40.08%. The business’s revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.96 earnings per share. Analysts anticipate that Western Alliance Bancorporation will post 4.74 earnings per share for the current year.

In related news, insider Robert Gary Sarver sold 66,351 shares of the stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $46.71, for a total value of $3,099,255.21. Following the completion of the transaction, the insider now directly owns 59,504 shares in the company, valued at $2,779,431.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William S. Boyd acquired 2,500 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $45.25 per share, with a total value of $113,125.00. Following the completion of the transaction, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $226,250. The disclosure for this purchase can be found here. 7.72% of the stock is owned by corporate insiders.

Institutional investors have recently modified their holdings of the stock. FMR LLC raised its stake in shares of Western Alliance Bancorporation by 52.0% in the first quarter. FMR LLC now owns 451,964 shares of the financial services provider’s stock valued at $18,549,000 after acquiring an additional 154,596 shares in the last quarter. Cerebellum GP LLC raised its stake in shares of Western Alliance Bancorporation by 93.9% in the first quarter. Cerebellum GP LLC now owns 8,103 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 3,923 shares in the last quarter. Clearbridge Investments LLC raised its stake in shares of Western Alliance Bancorporation by 0.5% in the first quarter. Clearbridge Investments LLC now owns 2,474,398 shares of the financial services provider’s stock valued at $101,549,000 after acquiring an additional 12,567 shares in the last quarter. Castine Capital Management LLC raised its stake in shares of Western Alliance Bancorporation by 1.7% in the first quarter. Castine Capital Management LLC now owns 290,077 shares of the financial services provider’s stock valued at $11,904,000 after acquiring an additional 4,907 shares in the last quarter. Finally, FSI Group LLC raised its stake in shares of Western Alliance Bancorporation by 23.3% in the first quarter. FSI Group LLC now owns 126,926 shares of the financial services provider’s stock valued at $5,209,000 after acquiring an additional 23,944 shares in the last quarter. Institutional investors own 82.86% of the company’s stock.

Western Alliance Bancorporation Company Profile

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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