In a report issued on July 13, Jon Arfstrom from RBC Capital maintained a Buy rating on Western Alliance (WAL – Research Report), with a price target of $99.00. The company’s shares closed last Thursday at $69.68, close to its 52-week low of $68.42.
According to TipRanks.com, Arfstrom is a 5-star analyst with an average return of 20.1% and a 53.5% success rate. Arfstrom covers the Financial sector, focusing on stocks such as Zions Bancorporation National Association, Old National Bancorp Capital, and Provident Financial Services.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Western Alliance with a $101.00 average price target, which is a 45.6% upside from current levels. In a report issued on July 7, Bank of America Securities also maintained a Buy rating on the stock with a $90.00 price target.
Based on Western Alliance’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $525 million and net profit of $240 million. In comparison, last year the company earned revenue of $323 million and had a net profit of $193 million.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of WAL in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Western Alliance Bancorporation is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services for businesses. It operates through the following business segments: Homeowners Association (HOA) Services; Hotel Franchise Finance (HFF); Public & Nonprofit Finance; Technology and Innovation; Other NBL (National Business Lines); and Corporate and Other. The company was founded in 1995 and is headquartered in Phoenix, AZ.
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