Brokerages Expect Western Alliance Bancorporation (NYSE:WAL) Will Post Quarterly Sales of $585.58 Million

Brokerages expect Western Alliance Bancorporation (NYSE:WAL – Get Rating) to report $585.58 million in sales for the current quarter, Zacks reports. Five analysts have issued estimates for Western Alliance Bancorporation’s earnings. The highest sales estimate is $604.00 million and the lowest is $572.60 million. Western Alliance Bancorporation posted sales of $506.50 million in the same quarter last year, which suggests a positive year over year growth rate of 15.6%. The firm is expected to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Western Alliance Bancorporation will report full year sales of $2.44 billion for the current year, with estimates ranging from $2.43 billion to $2.47 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.00 billion, with estimates ranging from $2.95 billion to $3.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that that provide coverage for Western Alliance Bancorporation.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last announced its quarterly earnings results on Thursday, April 21st. The financial services provider reported $2.22 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.13. The business had revenue of $555.80 million for the quarter, compared to analysts’ expectations of $540.09 million. Western Alliance Bancorporation had a net margin of 41.03% and a return on equity of 21.77%. The firm’s revenue for the quarter was up 64.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.90 EPS.

A number of equities analysts have issued reports on WAL shares. StockNews.com initiated coverage on shares of Western Alliance Bancorporation in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Wedbush boosted their price objective on shares of Western Alliance Bancorporation from $100.00 to $105.00 and gave the company an “outperform” rating in a report on Monday, April 25th. Zacks Investment Research cut shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, February 2nd. Truist Financial reduced their price objective on shares of Western Alliance Bancorporation from $140.00 to $110.00 in a research note on Tuesday, April 26th. Finally, Piper Sandler dropped their target price on shares of Western Alliance Bancorporation to $105.00 in a research report on Friday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $125.67.

Shares of NYSE WAL traded up $0.10 during mid-day trading on Monday, reaching $74.45. 542,728 shares of the company were exchanged, compared to its average volume of 812,633. Western Alliance Bancorporation has a 52 week low of $71.68 and a 52 week high of $124.93. The company has a quick ratio of 0.83, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $8.06 billion, a PE ratio of 8.28, a PEG ratio of 0.76 and a beta of 1.44. The company’s 50 day moving average price is $79.46 and its 200 day moving average price is $96.72.

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 27th. Shareholders of record on Friday, May 13th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Thursday, May 12th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 15.57%.

In other news, CAO J. Kelly Jr. Ardrey bought 3,000 shares of the company’s stock in a transaction on Thursday, April 28th. The shares were bought at an average cost of $78.67 per share, with a total value of $236,010.00. Following the transaction, the chief accounting officer now directly owns 6,090 shares in the company, valued at approximately $479,100.30. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Randall S. Theisen sold 6,574 shares of the company’s stock in a transaction dated Thursday, February 24th. The stock was sold at an average price of $90.00, for a total value of $591,660.00. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 5,150 shares of company stock valued at $394,784. 2.81% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of WAL. BOKF NA bought a new position in Western Alliance Bancorporation during the third quarter worth about $1,102,000. Toronto Dominion Bank raised its position in Western Alliance Bancorporation by 3,158.8% during the fourth quarter. Toronto Dominion Bank now owns 36,108 shares of the financial services provider’s stock valued at $3,887,000 after purchasing an additional 35,000 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in shares of Western Alliance Bancorporation during the fourth quarter worth $39,000. Janus Henderson Group PLC increased its holdings 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’s stock valued at $1,780,000 after purchasing an additional 11,990 shares during the period. Finally, Toth Financial Advisory Corp boosted its position in Western Alliance Bancorporation by 191.1% during the fourth quarter. Toth Financial Advisory Corp now owns 1,409 shares of the financial services provider’s stock valued at $152,000 after acquiring an additional 925 shares during the last quarter. 87.16% of the stock is owned by institutional investors and hedge funds.

About Western Alliance Bancorporation (Get Rating)

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates in Commercial, Consumer Related, and Corporate & Other segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; and treasury management and residential mortgage products and services.

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