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Western Alliance (WAL) Gets a Buy Rating from Wedbush

In a report released yesterday, David Chiaverini from Wedbush maintained a Buy rating on Western Alliance (WALResearch Report), with a price target of $130.00. The company’s shares closed last Monday at $99.36.

According to TipRanks.com, Chiaverini is a 5-star analyst with an average return of 20.4% and a 65.8% success rate. Chiaverini covers the Financial sector, focusing on stocks such as Pacific Premier Bancorp, Valley National Bancorp, and Cathay General Bancorp.

Currently, the analyst consensus on Western Alliance is a Strong Buy with an average price target of $134.67, a 37.1% upside from current levels. In a report issued on January 30, Jefferies also maintained a Buy rating on the stock with a $124.00 price target.

See today’s best-performing stocks on TipRanks >>

Based on Western Alliance’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $523 million and net profit of $246 million. In comparison, last year the company earned revenue of $326 million and had a net profit of $194 million.

Based on the recent corporate insider activity of 39 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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