Western Alliance Bancorporation (NYSE:WAL) issued its quarterly earnings data on Thursday. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.03, Briefing.com reports. The firm had revenue of $267.30 million during the quarter, compared to analysts’ expectations of $274.37 million. Western Alliance Bancorporation had a net margin of 39.87% and a return on equity of 18.18%. The business’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.99 earnings per share.
Shares of NYSE WAL opened at $46.00 on Friday. The firm has a market capitalization of $4.65 billion, a PE ratio of 9.82, a P/E/G ratio of 0.83 and a beta of 1.60. The firm’s 50 day moving average price is $43.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.93 and a current ratio of 0.93. Western Alliance Bancorporation has a 52-week low of $37.39 and a 52-week high of $60.01.
WAL has been the subject of a number of analyst reports. Wells Fargo & Co boosted their price objective on shares of Twitter from $33.00 to $40.00 and gave the company a “market perform” rating in a report on Wednesday, April 24th. Zacks Investment Research restated a “hold” rating on shares of Western New England Bancorp in a report on Saturday, June 29th. Finally, ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $58.00.
In other news, insider Robert Gary Sarver sold 66,351 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $46.71, for a total value of $3,099,255.21. Following the completion of the transaction, the insider now owns 59,504 shares in the company, valued at $2,779,431.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William S. Boyd purchased 2,500 shares of Western Alliance Bancorporation stock in a transaction dated Friday, May 17th. The stock was bought at an average price of $45.25 per share, with a total value of $113,125.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at $226,250. The disclosure for this purchase can be found here. 7.72% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in Western Alliance Bancorporation by 1,048.3% during the second quarter. Bessemer Group Inc. now owns 666 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 608 shares in the last quarter. Machina Capital S.A.S. bought a new position in shares of Western Alliance Bancorporation in the second quarter valued at about $103,000. New York State Teachers Retirement System bought a new position in shares of Western Alliance Bancorporation in the second quarter valued at about $389,000. Fox Run Management L.L.C. bought a new position in shares of Western Alliance Bancorporation in the second quarter valued at about $493,000. Finally, First Hawaiian Bank raised its position in shares of Western Alliance Bancorporation by 3,069.1% in the second quarter. First Hawaiian Bank now owns 8,113 shares of the financial services provider’s stock valued at $363,000 after purchasing an additional 7,857 shares during the period. Institutional investors own 82.88% of the company’s stock.
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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