Western Alliance Bancorporation (NYSE:WAL) Issues Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Western Alliance Bancorporation (NYSE:WAL) released its quarterly earnings results on Tuesday. The financial services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.17, Zacks reports. The business had revenue of $890.50 million for the quarter, compared to analysts’ expectations of $891.04 million. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 13.20%. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.80 earnings per share.

Western Alliance Bancorporation Price Performance

WAL opened at $78.57 on Thursday. The stock has a 50-day moving average price of $85.34 and a 200-day moving average price of $78.59. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $8.67 billion, a PE ratio of 9.71, a P/E/G ratio of 0.55 and a beta of 1.35. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $98.10.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 14th. Western Alliance Bancorporation’s payout ratio is currently 19.97%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Truist Financial set a $92.00 target price on shares of Western Alliance Bancorporation in a report on Friday, October 10th. JPMorgan Chase & Co. boosted their target price on shares of Western Alliance Bancorporation from $100.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, October 1st. Piper Sandler boosted their target price on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, July 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a report on Wednesday, October 8th. Finally, Cowen assumed coverage on shares of Western Alliance Bancorporation in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $103.14.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently modified their holdings of the stock. Smead Capital Management Inc. raised its position in Western Alliance Bancorporation by 19.2% in the 2nd quarter. Smead Capital Management Inc. now owns 1,435,247 shares of the financial services provider’s stock worth $111,921,000 after buying an additional 231,159 shares during the last quarter. Qube Research & Technologies Ltd purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth about $4,708,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock worth $26,701,000 after buying an additional 35,276 shares during the last quarter. Brevan Howard Capital Management LP purchased a new position in Western Alliance Bancorporation in the 2nd quarter worth about $2,682,000. Finally, Tidal Investments LLC raised its position in Western Alliance Bancorporation by 17.1% in the 2nd quarter. Tidal Investments LLC now owns 214,402 shares of the financial services provider’s stock worth $16,719,000 after buying an additional 31,334 shares during the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

About Western Alliance Bancorporation

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.