Wedbush Analysts Cut Earnings Estimates for Western Alliance Bancorporation (WAL)
Western Alliance Bancorporation (NYSE:WAL) – Wedbush reduced their Q3 2018 EPS estimates for shares of Western Alliance Bancorporation in a note issued to investors on Wednesday, September 26th. Wedbush analyst D. Chiaverini now expects that the financial services provider will earn $1.01 per share for the quarter, down from their prior estimate of $1.03. Wedbush currently has a “Outperform” rating and a $67.00 target price on the stock. Wedbush also issued estimates for Western Alliance Bancorporation’s FY2018 earnings at $4.01 EPS and FY2019 earnings at $4.56 EPS.
WAL has been the subject of several other research reports. Zacks Investment Research reiterated a “sell” rating on shares of Western Alliance Bancorporation in a research report on Saturday, June 30th. ValuEngine lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a research report on Monday, June 11th. Finally, Citigroup began coverage on Western Alliance Bancorporation in a research report on Monday, June 18th. They issued a “neutral” rating and a $69.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $67.65.
Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Thursday, July 19th. The financial services provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.98 by $0.01. The company had revenue of $237.50 million during the quarter, compared to analyst estimates of $242.86 million. Western Alliance Bancorporation had a return on equity of 16.68% and a net margin of 38.48%. The business’s revenue was up 16.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.76 EPS.
In related news, Director Donald D. Snyder sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $58.64, for a total value of $263,880.00. Following the sale, the director now owns 97,239 shares of the company’s stock, valued at approximately $5,702,094.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Dale Gibbons purchased 2,093 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The stock was bought at an average cost of $56.88 per share, for a total transaction of $119,049.84. Following the acquisition, the insider now owns 185,308 shares in the company, valued at approximately $10,540,319.04. The disclosure for this purchase can be found here. Company insiders own 7.48% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Chartwell Investment Partners LLC lifted its holdings in shares of Western Alliance Bancorporation by 17.2% in the 2nd quarter. Chartwell Investment Partners LLC now owns 138,325 shares of the financial services provider’s stock worth $7,831,000 after purchasing an additional 20,328 shares during the last quarter. People s United Financial Inc. lifted its holdings in shares of Western Alliance Bancorporation by 24.6% in the 2nd quarter. People s United Financial Inc. now owns 7,431 shares of the financial services provider’s stock worth $421,000 after purchasing an additional 1,468 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth approximately $444,000. Xact Kapitalforvaltning AB lifted its holdings in shares of Western Alliance Bancorporation by 56.1% in the 1st quarter. Xact Kapitalforvaltning AB now owns 13,360 shares of the financial services provider’s stock worth $776,000 after purchasing an additional 4,800 shares during the last quarter. Finally, Aperio Group LLC raised its stake in Western Alliance Bancorporation by 30.8% during the 2nd quarter. Aperio Group LLC now owns 26,206 shares of the financial services provider’s stock valued at $1,484,000 after acquiring an additional 6,165 shares in the last quarter. 83.89% of the stock is currently owned by institutional investors and hedge funds.
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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