Western Alliance Bancorporation (NYSE:WAL) – Stock analysts at SunTrust Banks dropped their FY2017 EPS estimates for shares of Western Alliance Bancorporation in a research note issued on Wednesday. SunTrust Banks analyst M. Young now forecasts that the financial services provider will post earnings per share of $3.07 for the year, down from their prior estimate of $3.08. SunTrust Banks has a “Buy” rating and a $62.00 price target on the stock. SunTrust Banks also issued estimates for Western Alliance Bancorporation’s Q1 2018 earnings at $0.86 EPS, Q3 2018 earnings at $0.95 EPS, Q4 2018 earnings at $0.97 EPS, FY2018 earnings at $3.65 EPS and FY2019 earnings at $4.10 EPS.
Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. Western Alliance Bancorporation had a return on equity of 15.71% and a net margin of 36.16%. The firm had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $212.27 million. During the same quarter in the previous year, the business posted $0.66 earnings per share. The business’s revenue for the quarter was up 15.4% on a year-over-year basis.
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Other analysts have also recently issued research reports about the company. BidaskClub raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, July 25th. Barclays PLC reaffirmed an “overweight” rating and issued a $59.00 price target (up previously from $58.00) on shares of Western Alliance Bancorporation in a report on Monday, July 24th. DA Davidson reaffirmed a “buy” rating and issued a $64.00 price target on shares of Western Alliance Bancorporation in a report on Monday, October 23rd. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $65.00 price target on shares of Western Alliance Bancorporation in a report on Tuesday. One equities research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $62.06.
Western Alliance Bancorporation (NYSE WAL) opened at 56.25 on Thursday. Western Alliance Bancorporation has a 52-week low of $36.30 and a 52-week high of $56.67. The company has a market cap of $5.86 billion, a PE ratio of 20.31 and a beta of 1.75. The firm has a 50-day moving average price of $51.29 and a 200-day moving average price of $49.01.
In other news, Director William S. Boyd sold 10,000 shares of the stock in a transaction dated Monday, October 23rd. The stock was sold at an average price of $55.55, for a total transaction of $555,500.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $55.22, for a total value of $5,522,000.00. Following the transaction, the chief executive officer now owns 54,000 shares in the company, valued at $2,981,880. The disclosure for this sale can be found here. Insiders have sold a total of 215,000 shares of company stock worth $11,193,950 over the last quarter. Corporate insiders own 7.95% of the company’s stock.
Several institutional investors have recently made changes to their positions in WAL. BNP Paribas Arbitrage SA increased its position in shares of Western Alliance Bancorporation by 72.1% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,060 shares during the last quarter. Winfield Associates Inc. increased its position in shares of Western Alliance Bancorporation by 0.6% during the 2nd quarter. Winfield Associates Inc. now owns 3,420 shares of the financial services provider’s stock valued at $168,000 after purchasing an additional 20 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Western Alliance Bancorporation by 15.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 469 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $202,000. Finally, Stratos Wealth Partners LTD. bought a new position in shares of Western Alliance Bancorporation during the 2nd quarter valued at about $207,000. Hedge funds and other institutional investors own 81.37% of the company’s stock.
Western Alliance Bancorporation Company Profile
Western Alliance Bancorporation is a bank holding company. The Company provides a range of deposit, lending, treasury management, international banking and online banking products and services through its banking subsidiary, Western Alliance Bank (WAB or the Bank). The Company’s regional segments include Arizona, Nevada, Southern California and Northern California, which provide banking and related services to their respective markets.
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