Western Alliance Bancorporation (NYSE:WAL) – Equities researchers at Wedbush cut their Q3 2018 earnings estimates for shares of Western Alliance Bancorporation in a research note issued to investors on Wednesday, September 26th, according to Zacks Investment Research. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.01 for the quarter, down from their prior estimate of $1.03. Wedbush currently has a “Outperform” rating and a $67.00 target price on the stock. Wedbush also issued estimates for Western Alliance Bancorporation’s FY2018 earnings at $4.01 EPS and FY2019 earnings at $4.56 EPS.
A number of other brokerages have also recently commented on WAL. Citigroup assumed coverage on shares of Western Alliance Bancorporation in a report on Monday, June 18th. They set a “neutral” rating and a $69.00 target price for the company. Zacks Investment Research lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 25th. Finally, Wells Fargo & Co set a $66.00 price target on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research report on Tuesday, October 2nd. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Western Alliance Bancorporation presently has a consensus rating of “Buy” and a consensus price target of $67.19.
WAL stock traded down $1.45 during midday trading on Friday, reaching $53.65. 1,004,495 shares of the company’s stock traded hands, compared to its average volume of 636,774. Western Alliance Bancorporation has a 52-week low of $51.82 and a 52-week high of $64.06. The stock has a market cap of $6.02 billion, a P/E ratio of 17.31, a P/E/G ratio of 1.08 and a beta of 1.47. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.18.
Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.99 earnings per share for the quarter, beating the 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 firm had revenue of $237.50 million during the quarter, compared to analysts’ expectations of $242.86 million. During the same period in the previous year, the company earned $0.76 earnings per share. The firm’s quarterly revenue was up 16.8% on a year-over-year basis.
Large investors have recently modified their holdings of the stock. Chartwell Investment Partners LLC boosted its position in shares of Western Alliance Bancorporation by 17.2% during the second quarter. Chartwell Investment Partners LLC now owns 138,325 shares of the financial services provider’s stock worth $7,831,000 after acquiring an additional 20,328 shares during the last quarter. People s United Financial Inc. lifted its position in Western Alliance Bancorporation by 24.6% during the second quarter. People s United Financial Inc. now owns 7,431 shares of the financial services provider’s stock valued at $421,000 after purchasing an additional 1,468 shares during the last quarter. Paloma Partners Management Co lifted its position in Western Alliance Bancorporation by 129.1% during the second quarter. Paloma Partners Management Co now owns 10,303 shares of the financial services provider’s stock valued at $584,000 after purchasing an additional 5,805 shares during the last quarter. GAM Holding AG bought a new position in Western Alliance Bancorporation during the second quarter valued at $543,000. Finally, Glenmede Trust Co. NA lifted its position in Western Alliance Bancorporation by 3.6% during the second quarter. Glenmede Trust Co. NA now owns 900,681 shares of the financial services provider’s stock valued at $50,987,000 after purchasing an additional 31,043 shares during the last quarter. Hedge funds and other institutional investors own 83.89% of the company’s stock.
In related news, Director Donald D. Snyder sold 4,500 shares of the company’s stock in a transaction on Monday, July 23rd. The shares were sold at an average price of $58.64, for a total transaction of $263,880.00. Following the completion of the transaction, the director now owns 97,239 shares in the company, valued at $5,702,094.96. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Kenneth Vecchione bought 10,400 shares of the company’s stock in a transaction that occurred on Friday, July 27th. The shares were bought at an average price of $56.95 per share, with a total value of $592,280.00. Following the transaction, the chief executive officer now owns 264,667 shares of the company’s stock, valued at approximately $15,072,785.65. The disclosure for this purchase can be found here. Corporate insiders own 7.48% of the company’s stock.
About Western Alliance Bancorporation
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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