Western Alliance Bancorporation (NYSE:WAL) shares traded down 0.2% during mid-day trading on Monday after Royal Bank of Canada lowered their price target on the stock to $61.00. Royal Bank of Canada currently has an outperform rating on the stock. Western Alliance Bancorporation traded as low as $49.08 and last traded at $49.28. 948,256 shares changed hands during trading, a decline of 2% from the average session volume of 972,153 shares. The stock had previously closed at $49.40.

Several other analysts have also recently weighed in on WAL. Barclays cut their price objective on Western Alliance Bancorporation from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday. Citigroup cut their price objective on Western Alliance Bancorporation from $69.00 to $56.00 and set a “neutral” rating on the stock in a research report on Monday. Zacks Investment Research reaffirmed a “sell” rating on shares of Western Alliance Bancorporation in a research report on Saturday, June 30th. Stephens reaffirmed a “buy” rating and set a $68.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday. Finally, Wedbush assumed coverage on Western Alliance Bancorporation in a research report on Tuesday, July 10th. They set an “outperform” rating and a $67.00 price objective on the stock. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. Western Alliance Bancorporation has an average rating of “Buy” and an average price target of $65.27.

In related news, CEO Kenneth Vecchione purchased 10,400 shares of the company’s stock in a transaction dated Friday, July 27th. The shares were purchased at an average cost of $56.95 per share, with a total value of $592,280.00. Following the transaction, the chief executive officer now directly owns 264,667 shares in the company, valued at approximately $15,072,785.65. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Vice Chairman Dale Gibbons purchased 2,093 shares of the company’s stock in a transaction dated Friday, July 27th. The stock was bought at an average cost of $56.88 per share, for a total transaction of $119,049.84. Following the completion of the transaction, the insider now owns 185,308 shares in the company, valued at $10,540,319.04. The disclosure for this purchase can be found here. Insiders own 7.48% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. boosted its position in shares of Western Alliance Bancorporation by 18.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 5,816 shares of the financial services provider’s stock worth $329,000 after purchasing an additional 915 shares in the last quarter. Ramsey Quantitative Systems boosted its position in shares of Western Alliance Bancorporation by 18.2% in the 3rd quarter. Ramsey Quantitative Systems now owns 6,100 shares of the financial services provider’s stock worth $347,000 after purchasing an additional 941 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Western Alliance Bancorporation by 4.1% in the 2nd quarter. Advisors Asset Management Inc. now owns 24,283 shares of the financial services provider’s stock worth $1,375,000 after purchasing an additional 955 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. lifted its position in Western Alliance Bancorporation by 44.1% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,344 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 1,023 shares in the last quarter. Finally, Suntrust Banks Inc. lifted its position in Western Alliance Bancorporation by 2.8% in the 1st quarter. Suntrust Banks Inc. now owns 39,663 shares of the financial services provider’s stock valued at $2,304,000 after acquiring an additional 1,085 shares in the last quarter. 83.58% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $5.23 billion, a PE ratio of 15.67, a P/E/G ratio of 0.94 and a beta of 1.47. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.18.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data 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. The business had revenue of $238.46 million for the quarter, compared to analysts’ expectations of $247.04 million. Western Alliance Bancorporation had a return on equity of 17.62% and a net margin of 39.69%. During the same period in the prior year, the firm posted $0.79 EPS. Equities analysts predict that Western Alliance Bancorporation will post 4.04 EPS for the current year.

Western Alliance Bancorporation Company Profile (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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