Western Alliance Bancorporation (NYSE:WAL) Announces Earnings Results

Western Alliance Bancorporation (NYSE:WAL) released its earnings results on Tuesday. The financial services provider reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.33 by $0.03, FiscalAI reports. The business had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The business’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the company posted $2.07 EPS.

Western Alliance Bancorporation Trading Down 0.4%

WAL stock traded down $0.32 during mid-day trading on Tuesday, hitting $80.65. 1,472,596 shares of the company were exchanged, compared to its average volume of 1,211,714. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $8.81 billion, a P/E ratio of 9.39, a PEG ratio of 0.75 and a beta of 1.34. The business has a fifty day simple moving average of $80.09 and a 200-day simple moving average of $81.23. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Thursday, May 14th were given a $0.42 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a yield of 2.1%. Western Alliance Bancorporation’s dividend payout ratio is presently 19.56%.

Wall Street Analysts Forecast Growth

WAL has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Barclays dropped their target price on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, April 7th. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $86.00 to $90.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Finally, Citigroup boosted their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.00.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the sale, the chief accounting officer directly owned 3,485 shares of the company’s stock, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.76% of the stock is currently owned by corporate insiders.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently added to or reduced their stakes in WAL. Price T Rowe Associates Inc. MD lifted its stake in Western Alliance Bancorporation by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock worth $735,350,000 after purchasing an additional 777,369 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Western Alliance Bancorporation by 7.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock valued at $542,286,000 after buying an additional 470,492 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Western Alliance Bancorporation by 3.4% in the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock valued at $521,710,000 after buying an additional 197,854 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Western Alliance Bancorporation by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,777,461 shares of the financial services provider’s stock valued at $317,574,000 after buying an additional 102,943 shares during the period. Finally, Wellington Management Group LLP lifted its stake in Western Alliance Bancorporation by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,288,233 shares of the financial services provider’s stock worth $198,436,000 after acquiring an additional 36,364 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.