SunTrust Banks Weighs in on Western Alliance Bancorporation’s Q1 2018 Earnings (WAL)
Western Alliance Bancorporation (NYSE:WAL) – Equities researchers at SunTrust Banks upped their Q1 2018 earnings estimates for shares of Western Alliance Bancorporation in a report issued on Monday. SunTrust Banks analyst M. Young now anticipates that the financial services provider will post earnings per share of $0.93 for the quarter, up from their previous estimate of $0.86. SunTrust Banks has a “Buy” rating and a $62.00 price target on the stock. SunTrust Banks also issued estimates for Western Alliance Bancorporation’s Q2 2018 earnings at $0.96 EPS, Q3 2018 earnings at $1.05 EPS, Q4 2018 earnings at $1.08 EPS and FY2018 earnings at $4.03 EPS.
WAL has been the subject of several other research reports. Piper Jaffray Companies reissued a “buy” rating and set a $64.50 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, October 24th. Barclays boosted their price objective on Western Alliance Bancorporation from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Jefferies Group reissued a “buy” rating and set a $57.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, September 26th. DA Davidson reissued a “buy” rating and set a $64.00 price objective on shares of Western Alliance Bancorporation in a report on Monday, October 23rd. Finally, Zacks Investment Research raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $62.94.
Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 company had revenue of $211.50 million during the quarter, compared to analyst estimates of $212.27 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. Western Alliance Bancorporation’s revenue was up 15.4% on a year-over-year basis.
Hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA lifted its position in Western Alliance Bancorporation by 72.1% in the second quarter. BNP Paribas Arbitrage SA now owns 2,531 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 1,060 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Western Alliance Bancorporation in the third quarter valued at approximately $133,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Western Alliance Bancorporation by 15.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,490 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 469 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in Western Alliance Bancorporation in the second quarter valued at approximately $202,000. Finally, Dearborn Partners LLC bought a new stake in Western Alliance Bancorporation in the third quarter valued at approximately $205,000. Hedge funds and other institutional investors own 81.59% of the company’s stock.
In other Western Alliance Bancorporation news, Director William S. Boyd sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The stock was sold at an average price of $55.55, for a total value of $555,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Gary Sarver sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $55.22, for a total value of $5,522,000.00. Following the completion of the sale, the chief executive officer now owns 54,000 shares of the company’s stock, valued at approximately $2,981,880. The disclosure for this sale can be found here. In the last ninety days, insiders sold 176,000 shares of company stock valued at $9,780,670. 7.95% of the stock is owned by insiders.
Western Alliance Bancorporation Company Profile
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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