Western Alliance Bancorporation (NYSE:WAL) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Western Alliance Bancorporation (NYSE:WALGet Free Report) announced its quarterly earnings results on Friday. The financial services provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.03, Briefing.com reports. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the previous year, the business earned $2.30 earnings per share.

Western Alliance Bancorporation Stock Up 3.0 %

WAL stock opened at $57.44 on Friday. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company has a market capitalization of $6.33 billion, a price-to-earnings ratio of 8.37 and a beta of 1.47. The business’s 50 day moving average price is $59.50 and its two-hundred day moving average price is $56.51. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were issued a dividend of $0.37 per share. The ex-dividend date was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.58%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. DRW Securities LLC purchased a new stake in Western Alliance Bancorporation during the 4th quarter valued at $564,000. GSA Capital Partners LLP purchased a new stake in Western Alliance Bancorporation during the 4th quarter valued at $989,000. Public Employees Retirement System of Ohio boosted its stake in Western Alliance Bancorporation by 31.7% during the 4th quarter. Public Employees Retirement System of Ohio now owns 104,296 shares of the financial services provider’s stock valued at $6,862,000 after purchasing an additional 25,118 shares during the last quarter. Chartwell Investment Partners LLC boosted its stake in Western Alliance Bancorporation by 12.6% during the 4th quarter. Chartwell Investment Partners LLC now owns 45,096 shares of the financial services provider’s stock valued at $2,967,000 after purchasing an additional 5,038 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in Western Alliance Bancorporation by 91.4% during the 4th quarter. Voya Investment Management LLC now owns 329,096 shares of the financial services provider’s stock valued at $21,651,000 after purchasing an additional 157,124 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on WAL shares. Barclays started coverage on Western Alliance Bancorporation in a research report on Friday, March 8th. They set an “overweight” rating and a $91.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. DA Davidson reaffirmed a “buy” rating and set a $85.00 price target on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Finally, Stephens reaffirmed an “overweight” rating and set a $82.00 price target on shares of Western Alliance Bancorporation in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.36.

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Western Alliance Bancorporation Company Profile

(Get Free Report)

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 through Commercial and Consumer Related 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; demand deposits; and treasury management and residential mortgage products and services.

Further Reading

Earnings History for Western Alliance Bancorporation (NYSE:WAL)

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