$272.00 Million in Sales Expected for Western Alliance Bancorporation (WAL) This Quarter

Equities analysts forecast that Western Alliance Bancorporation (NYSE:WAL) will announce $272.00 million in sales for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Western Alliance Bancorporation’s earnings. The highest sales estimate is $282.80 million and the lowest is $266.10 million. Western Alliance Bancorporation posted sales of $237.55 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 14.5%. The business is scheduled to announce its next quarterly earnings report on Thursday, July 18th.

According to Zacks, analysts expect that Western Alliance Bancorporation will report full-year sales of $1.10 billion for the current fiscal year, with estimates ranging from $1.08 billion to $1.14 billion. For the next financial year, analysts anticipate that the company will post sales of $1.20 billion, with estimates ranging from $1.16 billion to $1.22 billion. Zacks’ sales averages are a mean average based on a survey of analysts that cover Western Alliance Bancorporation.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Monday, April 22nd. The financial services provider reported $1.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.10 by $0.06. The company had revenue of $259.90 million for the quarter, compared to analysts’ expectations of $266.48 million. Western Alliance Bancorporation had a net margin of 40.08% and a return on equity of 17.84%. Western Alliance Bancorporation’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 EPS.

A number of equities research analysts have recently issued reports on WAL shares. Citigroup raised shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and dropped their target price for the company from $56.00 to $53.00 in a report on Tuesday, January 15th. Wells Fargo & Co increased their price target on shares of Western Alliance Bancorporation from $53.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Zacks Investment Research raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, March 6th. Finally, ValuEngine raised shares of Western Alliance Bancorporation from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $59.88.

In other Western Alliance Bancorporation news, insider Robert Gary Sarver sold 66,351 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $46.71, for a total transaction of $3,099,255.21. Following the transaction, the insider now owns 59,504 shares in the company, valued at approximately $2,779,431.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce D. Beach sold 3,750 shares of the stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $46.55, for a total transaction of $174,562.50. Following the transaction, the director now owns 5,000 shares in the company, valued at approximately $232,750. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,459 shares of company stock worth $3,657,307. Insiders own 7.72% of the company’s stock.

Several large investors have recently made changes to their positions in WAL. JPMorgan Chase & Co. grew its position in shares of Western Alliance Bancorporation by 5.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,832,108 shares of the financial services provider’s stock worth $104,229,000 after purchasing an additional 95,626 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Western Alliance Bancorporation by 2.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 459,863 shares of the financial services provider’s stock worth $26,161,000 after purchasing an additional 8,849 shares in the last quarter. Neuberger Berman Group LLC grew its position in shares of Western Alliance Bancorporation by 49.6% during the 3rd quarter. Neuberger Berman Group LLC now owns 7,203 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 2,389 shares in the last quarter. Teachers Advisors LLC grew its position in shares of Western Alliance Bancorporation by 4.1% during the 3rd quarter. Teachers Advisors LLC now owns 186,308 shares of the financial services provider’s stock worth $10,599,000 after purchasing an additional 7,372 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its position in shares of Western Alliance Bancorporation by 33.0% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 581,596 shares of the financial services provider’s stock worth $33,087,000 after purchasing an additional 144,196 shares in the last quarter. Hedge funds and other institutional investors own 85.40% of the company’s stock.

Shares of WAL stock opened at $48.64 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.94 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $5.12 billion, a PE ratio of 11.75, a PEG ratio of 0.92 and a beta of 1.57. Western Alliance Bancorporation has a 52-week low of $37.39 and a 52-week high of $64.06.

About Western Alliance Bancorporation

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.

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

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