SunTrust Banks Analysts Raise Earnings Estimates for Western Alliance Bancorporation (WAL)
Western Alliance Bancorporation (NYSE:WAL) – SunTrust Banks upped their FY2019 earnings estimates for Western Alliance Bancorporation in a research note issued to investors on Monday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will earn $4.57 per share for the year, up from their previous forecast of $4.10. SunTrust Banks has a “Buy” rating and a $62.00 price target on the stock.
Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Western Alliance Bancorporation had a return on equity of 15.37% and a net margin of 36.16%. The business had revenue of $211.50 million for the quarter, compared to the consensus estimate of $212.27 million. During the same quarter in the prior year, the company earned $0.66 EPS. The business’s revenue was up 15.4% compared to the same quarter last year.
Western Alliance Bancorporation (NYSE:WAL) traded up $0.13 on Wednesday, hitting $58.78. The stock had a trading volume of 715,400 shares, compared to its average volume of 507,714. Western Alliance Bancorporation has a fifty-two week low of $44.64 and a fifty-two week high of $60.25. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.17. The company has a market cap of $6,250.00, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 1.39 and a beta of 1.76.
In related news, CEO Robert Gary Sarver sold 100,000 shares of the company’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $55.22, for a total transaction of $5,522,000.00. Following the completion of the sale, the chief executive officer now directly owns 54,000 shares in the company, valued at approximately $2,981,880. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Reoch Mcauslan sold 3,000 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $56.36, for a total value of $169,080.00. Following the sale, the executive vice president now owns 20,200 shares of the company’s stock, valued at $1,138,472. The disclosure for this sale can be found here. Insiders have sold a total of 176,000 shares of company stock valued at $9,780,670 over the last 90 days. 7.95% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the business. Maltese Capital Management LLC raised its stake in Western Alliance Bancorporation by 207.1% in the third quarter. Maltese Capital Management LLC now owns 215,000 shares of the financial services provider’s stock valued at $11,412,000 after buying an additional 145,000 shares during the last quarter. Vanguard Group Inc. raised its stake in Western Alliance Bancorporation by 2.7% in the second quarter. Vanguard Group Inc. now owns 7,445,077 shares of the financial services provider’s stock valued at $366,298,000 after buying an additional 195,031 shares during the last quarter. Swiss National Bank raised its stake in Western Alliance Bancorporation by 6.3% in the second quarter. Swiss National Bank now owns 166,300 shares of the financial services provider’s stock valued at $8,182,000 after buying an additional 9,900 shares during the last quarter. Nicholas Investment Partners LP raised its stake in Western Alliance Bancorporation by 5.4% in the second quarter. Nicholas Investment Partners LP now owns 134,428 shares of the financial services provider’s stock valued at $6,612,000 after buying an additional 6,944 shares during the last quarter. Finally, Chicago Equity Partners LLC purchased a new stake in Western Alliance Bancorporation in the third quarter valued at about $2,182,000. Institutional investors own 81.59% of the company’s stock.
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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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