SunTrust Banks Weighs in on Western Alliance Bancorporation’s FY2019 Earnings (WAL)

Western Alliance Bancorporation (NYSE:WAL) – Equities research analysts at SunTrust Banks lifted their FY2019 EPS estimates for shares of Western Alliance Bancorporation in a research note issued on Monday. SunTrust Banks analyst M. Young now expects that the financial services provider will earn $4.57 per share for the year, up from their previous estimate of $4.10. SunTrust Banks currently has a “Buy” rating and a $62.00 target price on the stock.

Other analysts also recently issued reports about the stock. DA Davidson restated a “buy” rating and set a $64.00 price target on shares of Western Alliance Bancorporation in a research report on Monday, October 23rd. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Thursday, October 12th. Barclays set a $65.00 price objective on shares of Western Alliance Bancorporation and gave the stock a “buy” rating in a research note on Monday, October 23rd. Jefferies Group reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Western Alliance Bancorporation in a research note on Tuesday, October 24th. Finally, Wells Fargo & Co reaffirmed an “outperform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of Western Alliance Bancorporation in a research note on Tuesday. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $62.94.

Western Alliance Bancorporation (NYSE WAL) traded up $0.07 during mid-day trading on Wednesday, hitting $59.22. 1,358,063 shares of the company’s stock were exchanged, compared to its average volume of 602,200. Western Alliance Bancorporation has a one year low of $44.64 and a one year high of $60.25. The company has a market cap of $6,250.00, a P/E ratio of 20.28, a price-to-earnings-growth ratio of 1.39 and a beta of 1.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.89 and a quick ratio of 0.89.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.01. Western Alliance Bancorporation had a net margin of 36.16% and a return on equity of 15.37%. The company had revenue of $211.50 million for the quarter, compared to the consensus estimate of $212.27 million. During the same period in the previous year, the firm earned $0.66 EPS. Western Alliance Bancorporation’s revenue was up 15.4% on a year-over-year basis.

Institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth approximately $133,000. BNP Paribas Arbitrage SA increased its position in shares of 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 worth $125,000 after acquiring an additional 1,060 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of 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 worth $172,000 after acquiring an additional 469 shares in the last quarter. Dearborn Partners LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth approximately $205,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Western Alliance Bancorporation in the third quarter worth approximately $212,000. 81.59% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Robert Gary Sarver sold 100,000 shares of Western Alliance Bancorporation 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 transaction, the chief executive officer now directly owns 54,000 shares of the company’s stock, valued at $2,981,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Marianne Boyd Johnson sold 4,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $54.42, for a total transaction of $217,680.00. Following the completion of the transaction, the director now directly owns 3,295 shares in the company, valued at $179,313.90. The disclosure for this sale can be found here. Insiders sold a total of 176,000 shares of company stock worth $9,780,670 in the last ninety days. Corporate insiders own 7.95% of the company’s stock.

TRADEMARK VIOLATION WARNING: “SunTrust Banks Weighs in on Western Alliance Bancorporation’s FY2019 Earnings (WAL)” was originally posted by Week Herald and is owned by of Week Herald. If you are viewing this article on another publication, it was illegally stolen and reposted in violation of United States & international trademark and copyright legislation. The original version of this article can be viewed at https://weekherald.com/2018/01/12/suntrust-banks-weighs-in-on-western-alliance-bancorporations-fy2019-earnings-wal.html.

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.

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