Hot Stock to watch: Western Alliance Bancorporation (NYSE: WAL)

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Western Alliance Bancorporation (NYSE: WAL) stock rose over 2.8% on 18th October, 2019 (as of 12:18 pm GMT-4 ; Source: Google finance) after the company posted better than expected results for the third quarter of FY 19. The company generated the net interest income of $266.4 million in the third quarter 2019, an increase of $11.7 million from $254.7 million in the second quarter 2019, and an increase of 13.8%, compared to the third quarter 2018. Net interest income in the third quarter 2019 includes $2.7 million of total accretion income from acquired loans, compared to $4.6 million in the second quarter 2019, and $3.3 million in the third quarter 2018. The Company’s net interest margin in the third quarter 2019 fell to 4.41% from 4.59% in the second quarter 2019 and 4.68% in the third quarter 2018. WAL has reported the net income of $127.4 million for the third quarter 2019, which is an increase of $4.4 million from $122.9 million for the second quarter 2019, and an increase of 14.6%, from $111.1 million for the third quarter 2018. Stockholders’ equity was $2.9 billion at the end of September, 2019 and June 30, 2019, compared to $2.5 billion at September, 2018.

Moreover, at the end of September, 2019, the tangible common equity, net of tax, was 10.1% of tangible assets1 and total capital was 12.6% of risk-weighted assets. Total assets increased 4% to $26.3 billion at at the end of September, 2019, from $25.3 billion at June 30, 2019, and increased 18.7% from $22.2 billion at September 30, 2018. The increase in total assets from the prior year related to organic loan growth mainly.

WAL in the third quarter of FY 19 has reported the adjusted earnings per share of $1.24, beating the analysts’ estimates for the adjusted earnings per share of $1.20, as per Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 5.7 percent to $285.86 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 3.33%.

Additionally, during the third quarter 2019, WAL had repurchased 1 million shares of its common stock at a weighted average price of $43.63, for an aggreagate of $43.6 million. During the nine months ended September 30, 2019, the Company had repurchased a total of 2.7 million shares of its common stock, representing approximately 3% of the Company’s outstanding shares. Shares were repurchased at a weighted average price of $42.25, for a total of $115.5 million. During the third quarter 2019, the company had approved a quarterly cash dividend of $0.25 per share. The Company had made its first dividend payment to shareholders totaling $25.7 million on August 30, 2019.

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