Stock of the Day: Time to Reconsider Western Alliance Bancorporation After Reaching 52-Week High?

Stock of the Day: Time to Reconsider Western Alliance Bancorporation After Reaching 52 Week High?

The stock of Western Alliance Bancorporation (NYSE:WAL) hit a new 52-week high and has $47.43 target or 21.00% above today’s $39.20 share price. The 5 months bullish chart indicates low risk for the $4.23 billion company. The 1-year high was reported on Oct, 6 by If the $47.43 price target is reached, the company will be worth $888.30M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 78,266 shares traded hands. Western Alliance Bancorporation (NYSE:WAL) has risen 21.77% since March 3, 2016 and is uptrending. It has outperformed by 13.43% the S&P500.

Analysts await Western Alliance Bancorporation (NYSE:WAL) to report earnings on October, 20. They expect $0.65 earnings per share, up 22.64% or $0.12 from last year’s $0.53 per share. WAL’s profit will be $70.14M for 15.08 P/E if the $0.65 EPS becomes a reality. After $0.62 actual earnings per share reported by Western Alliance Bancorporation for the previous quarter, Wall Street now forecasts 4.84% EPS growth.

Western Alliance Bancorporation (NYSE:WAL) Ratings Coverage

Out of 7 analysts covering Western Alliance Bancorp (NYSE:WAL), 6 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 86% are positive. $41 is the highest target while $37 is the lowest. The $39.20 average target is 0.00% above today’s ($39.2) stock price. Western Alliance Bancorp has been the topic of 9 analyst reports since September 8, 2015 according to StockzIntelligence Inc. On Monday, October 19 the stock rating was maintained by Macquarie Research with “Outperform”. The rating was upgraded by Wood on Wednesday, March 30 to “Outperform”. The stock has “Market Perform” rating given by Wells Fargo on Thursday, September 1. DA Davidson upgraded Western Alliance Bancorporation (NYSE:WAL) rating on Thursday, February 11. DA Davidson has “Buy” rating and $37 price target. The firm has “Outperform” rating given on Tuesday, September 8 by FIG Partners. On Tuesday, October 13 the stock rating was initiated by Piper Jaffray with “Overweight”.

According to Zacks Investment Research, “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.”

Insitutional Activity: The institutional sentiment decreased to 1.2 in 2016 Q2. Its down 0.23, from 1.43 in 2016Q1. The ratio turned negative, as 22 funds sold all Western Alliance Bancorporation shares owned while 86 reduced positions. 47 funds bought stakes while 83 increased positions. They now own 81.37 million shares or 1.61% less from 82.70 million shares in 2016Q1.
Oxford Asset Mgmt has 66,512 shares for 0.09% of their US portfolio. Brown Brothers Harriman Communications has 240,353 shares for 0.04% of their US portfolio. Northern Corp last reported 490,455 shares in the company. First Personal Service accumulated 528 shares or 0.01% of the stock. Citigroup Incorporated holds 23,296 shares or 0% of its portfolio. Castine Cap Mngmt Ltd Llc owns 100,000 shares or 1.57% of their US portfolio. The Connecticut-based Cubist Systematic Strategies Ltd has invested 0.44% in Western Alliance Bancorporation (NYSE:WAL). Legal General Gp Public Limited Liability last reported 7,025 shares in the company. Moreover, Airain has 0.02% invested in Western Alliance Bancorporation (NYSE:WAL) for 10,317 shares. Marshall Wace Llp holds 0% of its portfolio in Western Alliance Bancorporation (NYSE:WAL) for 16,000 shares. Moreover, Herndon Mngmt Ltd Liability Company has 0% invested in Western Alliance Bancorporation (NYSE:WAL) for 183 shares. Massachusetts Fincl Service Co Ma holds 0% of its portfolio in Western Alliance Bancorporation (NYSE:WAL) for 21,205 shares. Cipher Capital Limited Partnership has 0.25% invested in the company for 110,344 shares. Moreover, Lord Abbett & Com Ltd Liability Com has 0.31% invested in Western Alliance Bancorporation (NYSE:WAL) for 3.03M shares. Hennessy Advsrs last reported 0.11% of its portfolio in the stock.

Insider Transactions: Since April 25, 2016, the stock had 0 buys, and 25 sales for $16.73 million net activity. 17,000 Western Alliance Bancorporation (NYSE:WAL) shares with value of $617,100 were sold by Myers Daniel P. JOHNSON MARIANNE BOYD had sold 5,000 shares worth $188,800 on Tuesday, June 7. 15,000 shares were sold by SNYDER DONALD D, worth $571,500. Another trade for 19,750 shares valued at $732,327 was made by BOYD WILLIAM S on Wednesday, April 27. $460,830 worth of Western Alliance Bancorporation (NYSE:WAL) was sold by LUNDY JAMES HARWOOD III on Tuesday, May 24. MCAUSLAN ROBERT REOCH had sold 2,000 shares worth $73,000 on Wednesday, August 24. Shares for $189,308 were sold by Taylor Patricia A.

More notable recent Western Alliance Bancorporation (NYSE:WAL) news were published by: which released: “Western Alliance Bancorporation Announces Fourth Quarter 2015 Earnings Release …” on January 06, 2016, also with their article: “Western Alliance Bancorporation to Acquire GE Capital’s US Hotel Franchise …” published on March 29, 2016, published: “Western Alliance Bancorporation and Bridge Capital Holdings Complete Merger” on July 01, 2015. More interesting news about Western Alliance Bancorporation (NYSE:WAL) were released by: and their article: “Western Alliance Bancorporation Announces Second Quarter 2016 Earnings Release …” published on July 08, 2016 as well as‘s news article titled: “Western Alliance Bancorporation’s (WAL) Management on Q2 2016 Results …” with publication date: July 22, 2016.

WAL Company Profile

Western Alliance Bancorporation, incorporated on May 29, 2014, is a bank holding company. The Firm provides a range of deposits, lending, treasury management and online banking services and products through its banking subsidiary, Western Alliance Bank (the Bank). The Company’s divisions are Arizona, Nevada, Southern California, Northern California, Central Business Line (CBL), and Corporate & Other. The Company’s Arizona, Nevada, Southern California and Northern California divisions provide full-service banking and related services to their respective markets. The Company’s CBL segment provides banking services to niche markets and includes the activities of Bridge Bank.

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