Western Alliance Bancorporation (NYSE:WAL) Downgraded by StockNews.com to “Sell”

Western Alliance Bancorporation (NYSE:WAL) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Saturday.

Other analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods cut their price target on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Royal Bank of Canada reduced their price objective on shares of Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, April 22nd. Hovde Group initiated coverage on Western Alliance Bancorporation in a report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price for the company. Wedbush reiterated an “outperform” rating and set a $70.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.71.

Western Alliance Bancorporation Trading Up 3.1 %

WAL stock opened at $62.82 on Friday. The business’s 50-day moving average is $61.09 and its 200 day moving average is $61.38. Western Alliance Bancorporation has a 12-month low of $35.67 and a 12-month high of $70.23. The stock has a market cap of $6.92 billion, a price-to-earnings ratio of 9.16, a PEG ratio of 1.18 and a beta of 1.46. 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 released its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $711.34 million. During the same quarter in the prior year, the firm earned $2.30 earnings per share. On average, sell-side analysts anticipate that Western Alliance Bancorporation will post 7.42 EPS for the current fiscal year.

Insider Activity

In related news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total transaction of $64,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at $361,831.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smead Capital Management Inc. purchased a new position in Western Alliance Bancorporation in the 4th quarter valued at about $77,957,000. Norges Bank purchased a new position in Western Alliance Bancorporation during the fourth quarter worth about $67,758,000. Vaughan Nelson Investment Management L.P. boosted its stake in Western Alliance Bancorporation by 103.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock worth $113,510,000 after buying an additional 876,413 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Western Alliance Bancorporation by 50.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after acquiring an additional 824,636 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Western Alliance Bancorporation by 5,918.1% during the 4th quarter. Victory Capital Management Inc. now owns 763,459 shares of the financial services provider’s stock worth $50,228,000 after acquiring an additional 750,773 shares during the period. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.