Technical Analysis Don’t Lie: Some Traders Are Very Bullish on Western Alliance Bancorporation After Forming Bullish Double Top Pattern

Technical Analysis Don't Lie: Some Traders Are Very Bullish on Western Alliance Bancorporation After Forming Bullish Double Top Pattern

The chart of Western Alliance Bancorporation (WAL) shows a double top with $52.63 target or 7.00% above today’s $49.19 share price. The 7 months chart pattern indicates low risk for the $5.23B company. It was reported on Jan, 11 by Finviz.com. If the $52.63 price target is reached, the company will be worth $366.10M more. Double tops are rare but powerful chart patterns. About 94,589 shares traded hands. Western Alliance Bancorporation (NYSE:WAL) has risen 31.34% since June 7, 2016 and is uptrending. It has outperformed by 23.92% the S&P500.

Analysts await Western Alliance Bancorporation (NYSE:WAL) to report earnings on January, 19. They expect $0.68 earnings per share, up 19.30% or $0.11 from last year’s $0.57 per share. WAL’s profit will be $72.30 million for 18.08 P/E if the $0.68 EPS becomes a reality. After $0.66 actual earnings per share reported by Western Alliance Bancorporation for the previous quarter, Wall Street now forecasts 3.03% EPS growth.

Western Alliance Bancorporation (NYSE:WAL) Ratings Coverage

Out of 8 analysts covering Western Alliance Bancorp (NYSE:WAL), 7 rate it a “Buy”, 0 “Sell”, while 1 “Hold”. This means 88% are positive. $46 is the highest target while $37 is the lowest. The $40.33 average target is -18.01% below today’s ($49.19) stock price. Western Alliance Bancorp has been the topic of 10 analyst reports since September 8, 2015 according to StockzIntelligence Inc. Macquarie Research maintained it with “Outperform” rating and $39 target price in Monday, October 19 report. The stock has “Market Perform” rating given by Wells Fargo on Thursday, September 1. The stock of Western Alliance Bancorporation (NYSE:WAL) has “Buy” rating given on Thursday, February 11 by DA Davidson. Wood upgraded it to “Outperform” rating and $41 target price in Wednesday, March 30 report. The stock has “Outperform” rating given by RBC Capital Markets on Thursday, November 10. The stock has “Overweight” rating given by Piper Jaffray on Tuesday, October 13. The company was upgraded on Tuesday, September 8 by FIG Partners.

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 0.92 in Q3 2016. Its down 0.28, from 1.2 in 2016Q2. The ratio dived, as 44 funds sold all Western Alliance Bancorporation shares owned while 85 reduced positions. 45 funds bought stakes while 74 increased positions. They now own 81.83 million shares or 0.57% more from 81.37 million shares in 2016Q2.
Us Bank & Trust De has invested 0.01% of its portfolio in Western Alliance Bancorporation (NYSE:WAL). Kennedy Cap Mgmt has invested 0.18% of its portfolio in Western Alliance Bancorporation (NYSE:WAL). Bnp Paribas Arbitrage Sa has 0% invested in the company for 6,345 shares. Johnson Investment Counsel Inc holds 0.01% or 11,305 shares in its portfolio. Pier Cap Ltd Llc accumulated 1.05% or 157,730 shares. Wells Fargo Mn has 0% invested in the company for 202,038 shares. Pub Employees Retirement Association Of Colorado accumulated 607,702 shares or 0.19% of the stock. Hightower Advsrs Ltd Limited Liability Company has 0.02% invested in the company for 35,489 shares. The California-based Menta Capital Lc has invested 0.03% in Western Alliance Bancorporation (NYSE:WAL). Tci Wealth Advsr owns 5,191 shares or 0.11% of their US portfolio. Navellier & Incorporated owns 23,948 shares or 0.13% of their US portfolio. Utah Retirement owns 17,000 shares or 0.02% of their US portfolio. Fifth Third Bancshares has invested 0.01% of its portfolio in Western Alliance Bancorporation (NYSE:WAL). The United Kingdom-based Ahl Prtn Llp has invested 0.03% in Western Alliance Bancorporation (NYSE:WAL). Eagle Asset Mngmt Incorporated last reported 104,734 shares in the company.

Insider Transactions: Since August 3, 2016, the stock had 0 buys, and 52 insider sales for $70.37 million net activity. NAGY M NAFEES also sold $2.40 million worth of Western Alliance Bancorporation (NYSE:WAL) on Monday, December 5. MCAUSLAN ROBERT REOCH sold $73,000 worth of stock. Taylor Patricia A sold $147,996 worth of Western Alliance Bancorporation (NYSE:WAL) on Tuesday, November 15. SNYDER DONALD D also sold $571,500 worth of Western Alliance Bancorporation (NYSE:WAL) shares. Sarver Robert Gary sold $2.29M worth of stock. Another trade for 10,000 shares valued at $442,500 was made by NAVE JAMES E D V M on Tuesday, November 15. 20,000 shares with value of $933,800 were sold by HILTON STEVEN J on Wednesday, November 30.

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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