$240.66 Million in Sales Expected for Western Alliance Bancorporation (WAL) This Quarter

Wall Street brokerages forecast that Western Alliance Bancorporation (NYSE:WAL) will post sales of $240.66 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Western Alliance Bancorporation’s earnings, with the lowest sales estimate coming in at $232.00 million and the highest estimate coming in at $246.20 million. Western Alliance Bancorporation posted sales of $203.19 million during the same quarter last year, which would indicate a positive year over year growth rate of 18.4%. The business is expected to announce its next earnings report on Thursday, July 19th.

On average, analysts expect that Western Alliance Bancorporation will report full-year sales of $980.05 million for the current financial year, with estimates ranging from $943.80 million to $1.01 billion. For the next year, analysts anticipate that the company will report sales of $1.11 billion per share, with estimates ranging from $1.06 billion to $1.15 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Western Alliance Bancorporation.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, April 19th. The financial services provider reported $0.96 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.03. The company had revenue of $226.90 million for the quarter, compared to analyst estimates of $232.59 million. Western Alliance Bancorporation had a return on equity of 16.18% and a net margin of 37.80%. The business’s revenue was up 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 earnings per share.

A number of research firms have commented on WAL. ValuEngine lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research note on Monday, June 11th. Citigroup began coverage on Western Alliance Bancorporation in a research note on Monday, June 18th. They issued a “neutral” rating and a $69.00 price objective on the stock. UBS Group began coverage on Western Alliance Bancorporation in a research note on Wednesday, March 21st. They issued a “buy” rating and a $70.00 price objective on the stock. Finally, Sandler O’Neill reissued a “buy” rating and issued a $68.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, April 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. Western Alliance Bancorporation has an average rating of “Buy” and an average target price of $67.71.

Western Alliance Bancorporation stock opened at $57.71 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 1.12 and a beta of 1.57. Western Alliance Bancorporation has a 52 week low of $44.83 and a 52 week high of $64.06.

In other news, EVP Gerald A. Cady sold 5,500 shares of the business’s stock in a transaction on Monday, April 30th. The stock was sold at an average price of $60.00, for a total transaction of $330,000.00. Following the completion of the sale, the executive vice president now owns 87,789 shares in the company, valued at $5,267,340. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Donald D. Snyder sold 6,352 shares of the business’s stock in a transaction on Thursday, June 14th. The stock was sold at an average price of $61.48, for a total value of $390,520.96. Following the sale, the director now owns 101,739 shares of the company’s stock, valued at approximately $6,254,913.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,352 shares of company stock valued at $1,057,301. 7.48% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the company. Palisade Capital Management LLC NJ raised its position in shares of Western Alliance Bancorporation by 9.0% during the first quarter. Palisade Capital Management LLC NJ now owns 552,238 shares of the financial services provider’s stock worth $32,091,000 after acquiring an additional 45,519 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Western Alliance Bancorporation by 9.3% during the fourth quarter. TIAA CREF Investment Management LLC now owns 707,976 shares of the financial services provider’s stock worth $40,086,000 after acquiring an additional 60,042 shares during the last quarter. Swiss National Bank raised its position in shares of Western Alliance Bancorporation by 2.2% during the first quarter. Swiss National Bank now owns 174,600 shares of the financial services provider’s stock worth $10,146,000 after acquiring an additional 3,800 shares during the last quarter. Deutsche Bank AG raised its position in shares of Western Alliance Bancorporation by 26.1% during the fourth quarter. Deutsche Bank AG now owns 54,473 shares of the financial services provider’s stock worth $3,081,000 after acquiring an additional 11,265 shares during the last quarter. Finally, American International Group Inc. bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $124,000. Institutional investors own 83.38% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.

Get a free copy of the Zacks research report on Western Alliance Bancorporation (WAL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Western Alliance Bancorporation (NYSE:WAL)

Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply