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

Western Alliance Bancorporation (NYSE:WALGet Free Report) released its quarterly earnings data on Friday. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03, Briefing.com reports. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the company posted $2.30 earnings per share.

Western Alliance Bancorporation Trading Up 3.0 %

Shares of NYSE WAL 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 business’s 50 day moving average price is $59.50 and its 200-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. The company has a market cap of $6.33 billion, a price-to-earnings ratio of 8.37 and a beta of 1.47.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were given 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 yield of 2.58%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC raised its holdings in shares of Western Alliance Bancorporation by 574.5% in the third quarter. Lazard Asset Management LLC now owns 5,187 shares of the financial services provider’s stock worth $238,000 after buying an additional 4,418 shares during the period. BNP Paribas Arbitrage SNC raised its holdings in shares of Western Alliance Bancorporation by 94.5% in the second quarter. BNP Paribas Arbitrage SNC now owns 4,863 shares of the financial services provider’s stock worth $177,000 after buying an additional 2,363 shares during the period. Centaurus Financial Inc. purchased a new stake in shares of Western Alliance Bancorporation in the first quarter worth approximately $134,000. Point72 Middle East FZE purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter worth approximately $109,000. Finally, State of Tennessee Treasury Department purchased a new stake in shares of Western Alliance Bancorporation in the second quarter worth approximately $104,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WAL has been the subject of a number of research reports. Wedbush dropped their price target on Western Alliance Bancorporation from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday. StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Wells Fargo & Company dropped their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. Citigroup increased their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $78.00 price target on shares of Western Alliance Bancorporation in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and an average target price of $71.36.

View Our Latest Research Report on Western Alliance Bancorporation

About Western Alliance Bancorporation

(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.

See Also

Earnings History for Western Alliance Bancorporation (NYSE:WAL)

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