Western Alliance Bancorporation Forecasted to Post Q3 2017 Earnings of $0.80 Per Share (WAL)
Western Alliance Bancorporation (NYSE:WAL) – SunTrust Banks issued their Q3 2017 EPS estimates for Western Alliance Bancorporation in a report issued on Thursday. SunTrust Banks analyst M. Young anticipates that the financial services provider will post earnings per share of $0.80 for the quarter. SunTrust Banks has a “Buy” rating and a $59.00 price objective on the stock. SunTrust Banks also issued estimates for Western Alliance Bancorporation’s Q4 2017 earnings at $0.82 EPS, FY2017 earnings at $3.08 EPS, Q1 2018 earnings at $0.84 EPS, Q2 2018 earnings at $0.87 EPS, Q3 2018 earnings at $0.93 EPS, Q4 2018 earnings at $0.96 EPS and FY2018 earnings at $3.60 EPS.
Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.03. Western Alliance Bancorporation had a net margin of 35.67% and a return on equity of 15.23%. The company had revenue of $203.19 million for the quarter, compared to the consensus estimate of $203.71 million. During the same quarter in the prior year, the firm earned $0.62 earnings per share.
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WAL has been the subject of several other reports. BidaskClub cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Jefferies Group LLC decreased their price target on shares of Western Alliance Bancorporation from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, May 22nd. Zacks Investment Research upgraded shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research note on Tuesday, July 25th. Barclays PLC reiterated an “overweight” rating and issued a $59.00 target price (up from $58.00) on shares of Western Alliance Bancorporation in a research note on Monday, July 24th. Finally, Keefe, Bruyette & Woods set a $58.00 target price on shares of Western Alliance Bancorporation and gave the company a “buy” rating in a research note on Monday, June 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $57.50.
Shares of Western Alliance Bancorporation (NYSE:WAL) opened at 46.97 on Monday. The stock has a market cap of $4.89 billion, a P/E ratio of 16.96 and a beta of 1.73. The firm has a 50 day moving average of $49.53 and a 200 day moving average of $48.97. Western Alliance Bancorporation has a one year low of $35.56 and a one year high of $53.84.
Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in shares of Western Alliance Bancorporation by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 505,840 shares of the financial services provider’s stock worth $24,831,000 after buying an additional 10,797 shares during the last quarter. Highbridge Capital Management LLC boosted its stake in shares of Western Alliance Bancorporation by 15.0% in the first quarter. Highbridge Capital Management LLC now owns 97,342 shares of the financial services provider’s stock worth $4,778,000 after buying an additional 12,670 shares during the last quarter. Waratah Capital Advisors Ltd. purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth $1,076,000. BB&T Corp boosted its stake in shares of Western Alliance Bancorporation by 0.7% in the second quarter. BB&T Corp now owns 20,870 shares of the financial services provider’s stock worth $1,027,000 after buying an additional 155 shares during the last quarter. Finally, Concert Wealth Management Inc. purchased a new stake in shares of Western Alliance Bancorporation during the first quarter worth $387,000. Institutional investors and hedge funds own 82.99% of the company’s stock.
In other Western Alliance Bancorporation news, Chairman Robert Gary Sarver sold 100,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total value of $4,837,000.00. Following the completion of the sale, the chairman now directly owns 54,000 shares in the company, valued at $2,611,980. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.95% of the stock is owned by insiders.
About Western Alliance Bancorporation
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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