Wall Street brokerages expect Western Alliance Bancorporation (NYSE:WAL) to announce earnings per share (EPS) of $1.03 for the current quarter, Zacks reports. Six analysts have provided estimates for Western Alliance Bancorporation’s earnings, with the lowest EPS estimate coming in at $0.99 and the highest estimate coming in at $1.07. Western Alliance Bancorporation posted earnings of $0.79 per share during the same quarter last year, which would indicate a positive year over year growth rate of 30.4%. The firm is expected to announce its next quarterly earnings results on Thursday, October 18th.
On average, analysts expect that Western Alliance Bancorporation will report full year earnings of $4.04 per share for the current financial year, with EPS estimates ranging from $3.94 to $4.10. For the next year, analysts forecast that the company will post earnings of $4.61 per share, with EPS estimates ranging from $4.53 to $4.70. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side research firms that follow Western Alliance Bancorporation.
Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, July 19th. The financial services provider reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Western Alliance Bancorporation had a net margin of 38.48% and a return on equity of 16.68%. The company had revenue of $237.50 million during the quarter, compared to analysts’ expectations of $242.86 million. During the same period last year, the company posted $0.76 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 16.8% on a year-over-year basis.
Several research firms have commented on WAL. Zacks Investment Research reiterated a “sell” rating on shares of Western Alliance Bancorporation in a research report on Saturday, June 30th. ValuEngine upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a research report on Friday, April 27th. Wedbush began coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, July 10th. They set an “outperform” rating and a $67.00 price objective for the company. Finally, Citigroup began coverage on shares of Western Alliance Bancorporation in a research report on Monday, June 18th. They set a “neutral” rating and a $69.00 price objective for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $67.65.
WAL stock traded up $0.20 during trading on Friday, hitting $57.87. 353,941 shares of the company’s stock traded hands, compared to its average volume of 633,684. Western Alliance Bancorporation has a 52 week low of $44.83 and a 52 week high of $64.06. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $5.99 billion, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 1.08 and a beta of 1.56.
In other news, Director Donald D. Snyder sold 6,352 shares of the firm’s stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $61.48, for a total value of $390,520.96. Following the completion of the sale, the director now owns 101,739 shares in the company, valued at approximately $6,254,913.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Dale Gibbons bought 2,093 shares of the stock in a transaction dated Friday, July 27th. The stock was purchased at an average price of $56.88 per share, with a total value of $119,049.84. Following the acquisition, the insider now directly owns 185,308 shares in the company, valued at approximately $10,540,319.04. The disclosure for this purchase can be found here. Insiders sold a total of 13,852 shares of company stock valued at $841,181 in the last 90 days. Company insiders own 7.48% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in WAL. Renaissance Technologies LLC purchased a new position in Western Alliance Bancorporation in the 4th quarter worth about $527,000. Deutsche Bank AG increased its stake in Western Alliance Bancorporation by 26.1% in the 4th quarter. Deutsche Bank AG now owns 54,473 shares of the financial services provider’s stock worth $3,081,000 after buying an additional 11,265 shares during the period. Hennessy Advisors Inc. increased its stake in Western Alliance Bancorporation by 34.1% in the 1st quarter. Hennessy Advisors Inc. now owns 43,590 shares of the financial services provider’s stock worth $2,533,000 after buying an additional 11,090 shares during the period. Wells Fargo & Company MN increased its stake in Western Alliance Bancorporation by 35.6% in the 1st quarter. Wells Fargo & Company MN now owns 272,699 shares of the financial services provider’s stock worth $15,847,000 after buying an additional 71,530 shares during the period. Finally, Inverness Counsel LLC NY purchased a new position in Western Alliance Bancorporation in the 1st quarter worth about $17,757,000. Hedge funds and other institutional investors own 83.47% of the company’s stock.
Western Alliance Bancorporation Company Profile
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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