Western Alliance Bancorporation (NYSE:WAL) – Equities research analysts at Jefferies Group lifted their Q1 2017 earnings per share estimates for shares of Western Alliance Bancorporation in a report released on Tuesday, according to Zacks Investment Research. Jefferies Group analyst C. Haire now anticipates that the financial services provider will earn $0.70 per share for the quarter, up from their prior forecast of $0.69. Jefferies Group has a “Buy” rating and a $58.00 price target on the stock. Jefferies Group also issued estimates for Western Alliance Bancorporation’s FY2017 earnings at $3.00 EPS and FY2018 earnings at $3.50 EPS.
Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, January 26th. The financial services provider reported $0.67 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.67. The business earned $185.75 million during the quarter, compared to the consensus estimate of $193.29 million. Western Alliance Bancorporation had a return on equity of 15.12% and a net margin of 34.95%. Western Alliance Bancorporation’s revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 EPS. ILLEGAL ACTIVITY NOTICE: “Q1 2017 EPS Estimates for Western Alliance Bancorporation (WAL) Lifted by Jefferies Group” was reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this news story on another website, it was illegally stolen and republished in violation of US & international trademark & copyright laws. The legal version of this news story can be accessed at https://www.chaffeybreeze.com/2017/04/20/equities-analysts-offer-predictions-for-western-alliance-bancorporations-q1-2017-earnings-wal-updated.html.
A number of other brokerages have also recently commented on WAL. Zacks Investment Research upgraded Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Friday, March 10th. Barclays PLC assumed coverage on Western Alliance Bancorporation in a research note on Tuesday, February 14th. They issued an “overweight” rating for the company. Royal Bank of Canada reiterated a “buy” rating and issued a $57.00 price target on shares of Western Alliance Bancorporation in a research note on Monday, April 3rd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $58.00 price target on shares of Western Alliance Bancorporation in a research note on Monday, April 10th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $54.10.
Western Alliance Bancorporation (NYSE:WAL) traded up 0.65% during trading on Thursday, hitting $46.60. The company had a trading volume of 244,409 shares. The stock has a 50-day moving average of $49.22 and a 200 day moving average of $46.60. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 18.64 and a beta of 1.56. Western Alliance Bancorporation has a one year low of $29.72 and a one year high of $53.84.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Tyers Asset Management LLC bought a new position in shares of Western Alliance Bancorporation during the fourth quarter valued at about $126,000. Tower Research Capital LLC TRC increased its stake in shares of Western Alliance Bancorporation by 18.6% in the third quarter. Tower Research Capital LLC TRC now owns 4,098 shares of the financial services provider’s stock worth $154,000 after buying an additional 643 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Western Alliance Bancorporation by 73.8% in the third quarter. PNC Financial Services Group Inc. now owns 4,131 shares of the financial services provider’s stock worth $155,000 after buying an additional 1,754 shares during the last quarter. Elkfork Partners LLC acquired a new stake in shares of Western Alliance Bancorporation during the fourth quarter worth $174,000. Finally, Parametrica Management Ltd acquired a new stake in shares of Western Alliance Bancorporation during the first quarter worth $200,000. 80.70% of the stock is owned by institutional investors and hedge funds.
In related news, Director James E. D. V. M. Nave sold 50,000 shares of the firm’s stock in a transaction on Monday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $2,493,500.00. Following the completion of the transaction, the director now directly owns 251,876 shares of the company’s stock, valued at approximately $12,561,056.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Randall S. Theisen sold 3,120 shares of the firm’s stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $49.80, for a total value of $155,376.00. Following the transaction, the executive vice president now directly owns 43,920 shares of the company’s stock, valued at $2,187,216. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 233,201 shares of company stock valued at $11,990,439. 10.27% of the stock is owned by corporate 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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