Western Alliance Bancorporation (WAL) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS
Western Alliance Bancorporation (NYSE:WAL) issued its quarterly earnings results on Thursday. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.01, Bloomberg Earnings reports. The firm had revenue of $211.50 million for the quarter, compared to analysts’ expectations of $212.27 million. Western Alliance Bancorporation had a return on equity of 15.23% and a net margin of 35.67%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.66 EPS.
Shares of Western Alliance Bancorporation (NYSE:WAL) traded up 0.92% during midday trading on Thursday, reaching $52.74. The company’s stock had a trading volume of 820,691 shares. The stock has a 50 day moving average of $50.37 and a 200-day moving average of $48.76. The company has a market capitalization of $5.49 billion, a P/E ratio of 19.05 and a beta of 1.75. Western Alliance Bancorporation has a 1-year low of $35.56 and a 1-year high of $54.29.
In related news, Chairman Robert Gary Sarver sold 100,000 shares of the stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $48.37, for a total transaction of $4,837,000.00. Following the sale, the chairman now owns 54,000 shares in the company, valued at $2,611,980. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.95% of the stock is owned by corporate insiders.
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Several brokerages recently issued reports on WAL. Barclays PLC set a $62.00 price target on Western Alliance Bancorporation and gave the company a “buy” rating in a research report on Wednesday, October 11th. Jefferies Group LLC restated a “buy” rating and issued a $63.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, October 12th. Zacks Investment Research upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Thursday, October 12th. BidaskClub cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, August 19th. Finally, SunTrust Banks, Inc. began coverage on Western Alliance Bancorporation in a research report on Friday, August 18th. They issued a “buy” rating and a $59.00 price target on the stock. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $60.00.
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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