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

Western Alliance Bancorporation (NYSE:WAL) issued its quarterly earnings results on Friday. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.03, Briefing.com reports. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same quarter in the prior year, the company earned $2.30 EPS.

Western Alliance Bancorporation Stock Up 3.0 %

WAL opened at $57.44 on Friday. The business has a 50 day moving average price of $59.50 and a two-hundred day moving average price of $56.51. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The company has a market cap of $6.33 billion, a PE ratio of 8.37 and a beta of 1.47. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23.

Western Alliance Bancorporation Announces Dividend

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports 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 on the stock. Wedbush decreased their target price on Western Alliance Bancorporation from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday. JPMorgan Chase & Co. decreased their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $78.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. One research 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.36.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DRW Securities LLC purchased a new stake in Western Alliance Bancorporation during the 4th quarter valued at approximately $564,000. GSA Capital Partners LLP purchased a new position in shares of Western Alliance Bancorporation during the 4th quarter worth approximately $989,000. Public Employees Retirement System of Ohio raised its stake in shares of 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 worth $6,862,000 after buying an additional 25,118 shares in the last quarter. Chartwell Investment Partners LLC raised its stake in shares of 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 worth $2,967,000 after buying an additional 5,038 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of 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 worth $21,651,000 after buying an additional 157,124 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

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.