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

Western Alliance Bancorporation (NYSE:WAL) announced its quarterly earnings results on Thursday. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.04 by $0.03, Zacks reports. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%. The firm had revenue of $836.21 million during the quarter, compared to analysts’ expectations of $838.58 million. During the same period in the prior year, the company posted $1.75 EPS.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $82.08 on Friday. The firm’s 50 day moving average price is $76.95 and its 200-day moving average price is $78.29. Western Alliance Bancorporation has a twelve month low of $57.05 and a twelve month high of $98.10. The company has a quick ratio of 0.83, a current ratio of 0.88 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $9.06 billion, a PE ratio of 11.24, a price-to-earnings-growth ratio of 0.59 and a beta of 1.29.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend was Thursday, May 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 20.85%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WAL. Jones Financial Companies Lllp increased its holdings in Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock worth $133,000 after acquiring an additional 1,448 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock valued at $600,000 after buying an additional 3,249 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Western Alliance Bancorporation by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock valued at $8,596,000 after buying an additional 21,642 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Western Alliance Bancorporation by 11.3% during 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 valued at $26,701,000 after buying an additional 35,276 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on WAL. Jefferies Financial Group began coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a “buy” rating and a $95.00 price target for the company. Barclays upped their price target on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Wednesday, May 21st. JPMorgan Chase & Co. increased their price objective on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Finally, Royal Bank Of Canada decreased their price objective on shares of Western Alliance Bancorporation from $105.00 to $85.00 and set an “outperform” rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $97.50.

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.