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Western Alliance tops 1Q profit forecasts

PHOENIX (AP) _ Western Alliance Bancorp (WAL) on Thursday reported first-quarter profit of $73.4 million.

The Phoenix-based bank said it had earnings of 70 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 69 cents per share.

The bank holding company posted revenue of $202.8 million in the period. Its adjusted revenue was $189.9 million, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $193.7 million.

Western Alliance shares have dropped roughly 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $46.90, a rise of 27 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WAL at https://www.zacks.com/ap/WAL

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Keywords: Western Alliance, Earnings Report