Western Alliance Bancorporation (NYSE:WAL) Announces Earnings Results, Beats Estimates By $0.19 EPS

Western Alliance Bancorporation (NYSE:WAL) issued its earnings results on Monday. The financial services provider reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.19, Briefing.com reports. The business had revenue of $913.50 million for the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a return on equity of 12.93% and a net margin of 17.14%.The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.95 EPS.

Western Alliance Bancorporation Stock Up 1.5%

Western Alliance Bancorporation stock opened at $89.71 on Wednesday. The company has a market capitalization of $9.87 billion, a PE ratio of 11.09, a price-to-earnings-growth ratio of 0.54 and a beta of 1.34. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $94.40. The firm has a 50 day moving average price of $85.56 and a 200 day moving average price of $83.67.

Western Alliance Bancorporation Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Thursday, November 13th were given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, November 13th. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. Western Alliance Bancorporation’s dividend payout ratio is 20.77%.

Insider Activity at Western Alliance Bancorporation

In other news, CFO Dale Gibbons acquired 4,000 shares of the company’s stock in a transaction dated Thursday, October 30th. The stock was acquired at an average cost of $77.00 per share, with a total value of $308,000.00. Following the completion of the purchase, the chief financial officer owned 300,358 shares of the company’s stock, valued at $23,127,566. This represents a 1.35% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 2.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of WAL. Brooklyn Investment Group grew its position in Western Alliance Bancorporation by 80.7% in the 3rd quarter. Brooklyn Investment Group now owns 2,664 shares of the financial services provider’s stock valued at $231,000 after acquiring an additional 1,190 shares in the last quarter. Cresset Asset Management LLC purchased a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $248,000. State of Wyoming purchased a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $139,000. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $202,000. Finally, Diversify Advisory Services LLC purchased a new stake in Western Alliance Bancorporation during the 2nd quarter worth approximately $287,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WAL. Wall Street Zen raised Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. JPMorgan Chase & Co. cut shares of Western Alliance Bancorporation from an “overweight” rating to a “neutral” rating and set a $105.00 price target on the stock. in a research report on Wednesday. Keefe, Bruyette & Woods dropped their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Wells Fargo & Company cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “underweight” rating for the company in a research report on Thursday, October 23rd. Finally, Industrial Alliance Securities set a $101.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $101.73.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.