Zacks: Analysts expect Western Alliance Bancorporation (NYSE:WAL) to post quarterly sales of $585.58 million
Wall Street analysts expect Western Alliance Bancorporation (NYSE:WAL – Get a rating) will report sales of $585.58 million for the current fiscal quarter, Zacks reports. Five analysts provided earnings estimates for Western Alliance Bancorporation. The lowest sales estimate is $572.60 million and the highest is $604.00 million. Western Alliance Bancorporation recorded sales of $506.50 million in the same quarter last year, indicating a positive growth rate of 15.6% year-over-year. The company is expected to release its next results on Monday, January 1.
On average, analysts expect Western Alliance Bancorporation to report annual revenue of $2.44 billion in the current fiscal year, with estimates ranging from $2.43 billion to $2.47 billion. . For the next fiscal year, analysts expect the company to post sales of $3.00 billion, with estimates ranging from $2.95 billion to $3.07 billion. Zacks Investment Research sales averages are an average based on a survey of research analysts who provide coverage for Western Alliance Bancorporation.
Western Alliance Bancorporation (NYSE:WAL – Get a rating) last reported results on Thursday, April 21. The financial services provider reported earnings per share of $2.22 for the quarter, beating analysts’ consensus estimate of $2.09 by $0.13. The company posted revenue of $555.80 million in the quarter, compared to $540.09 million expected by analysts. Western Alliance Bancorporation posted a net margin of 41.03% and a return on equity of 21.77%. The company’s revenue for the quarter increased by 64.9% compared to the same quarter last year. During the same period last year, the company posted earnings per share of $1.90.
A number of stock analysts have recently commented on the stock. Wedbush raised its price target on Western Alliance Bancorporation shares from $100.00 to $105.00 and gave the stock an “outperform” rating in a Monday, April 25 research note. Truist Financial cut its price target on shares of Western Alliance Bancorporation from $140.00 to $110.00 in a Tuesday, April 26 research note. StockNews.com purported coverage of Western Alliance Bancorporation stock in a Thursday, March 31, research note. They issued a “hold” rating for the company. Finally, Piper Sandler cut her price target on Western Alliance Bancorporation stock to $105.00 in a Friday, May 20 research note. Two investment analysts gave the stock a hold rating and seven gave the company a buy rating. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $125.67.
Shares of Western Alliance Bancorporation opened at $80.94 on Monday. The company has a 50-day moving average price of $78.17 and a 200-day moving average price of $93.86. Western Alliance Bancorporation has a 52 week minimum of $71.68 and a 52 week maximum of $124.93. The company has a debt ratio of 0.37, a quick ratio of 0.83 and a current ratio of 0.92. The company has a market capitalization of $8.76 billion, a price/earnings ratio of 9.00, a P/E/G ratio of 0.83 and a beta of 1.44.
The company also recently announced a quarterly dividend, which was paid on Friday, May 27. Shareholders of record on Friday, May 13 received a dividend of $0.35. The ex-dividend date was Thursday, May 12. This represents a dividend of $1.40 on an annualized basis and a yield of 1.73%. Western Alliance Bancorporation’s payout ratio is 15.57%.
In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey bought 2,000 shares of the company in a trade dated Thursday, May 12. The shares were acquired at an average price of $73.57 per share, for a total transaction of $147,140.00. Following the acquisition, the chief accounting officer now owns 8,090 shares of the company, valued at $595,181.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Last quarter, insiders acquired 5,150 shares of the company worth $394,784. Insiders own 2.81% of the shares of the company.
Institutional investors have recently increased or reduced their stake in the company. The Toronto Dominion Bank increased its holdings of Western Alliance Bancorporation shares by 3,158.8% during the fourth quarter. The Toronto Dominion Bank now owns 36,108 shares of the financial services provider valued at $3,887,000 after buying an additional 35,000 shares last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Western Alliance Bancorporation in Q4 worth $39,000. Janus Henderson Group PLC increased its stake in Western Alliance Bancorporation by 274.1% in the third quarter. Janus Henderson Group PLC now owns 16,364 shares of the financial services provider worth $1,780,000 after acquiring an additional 11,990 shares during the period. Toth Financial Advisory Corp increased its stake in Western Alliance Bancorporation by 191.1% in the fourth quarter. Toth Financial Advisory Corp now owns 1,409 shares of the financial services provider worth $152,000 after acquiring 925 additional shares during the period. Finally, Aptus Capital Advisors LLC increased its stake in Western Alliance Bancorporation by 23.5% in the 4th quarter. Aptus Capital Advisors LLC now owns 33,720 shares of the financial services provider worth $3,630,000 after acquiring an additional 6,426 shares during the period. Institutional investors and hedge funds hold 87.16% of the company’s shares.
About Western Alliance Bancorporation (Get a rating)
Western Alliance Bancorporation operates as a bank holding company for Western Alliance Bank which provides various banking products and related services primarily in Arizona, California and Nevada. It operates in Commercial, Consumer Related, Corporate & Other segments. The Company offers deposit products, including checking, savings and money market accounts, as well as certificates of fixed rate and fixed maturity deposit accounts; and cash management and residential mortgage products and services.
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