Western Alliance Bancorporation (NYSE:WAL) Announces Quarterly Earnings Results

Western Alliance Bancorporation (NYSE:WAL) posted its quarterly earnings data on Tuesday. The financial services provider reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.17, Zacks reports. The company had revenue of $890.50 million for the quarter, compared to the consensus estimate of $891.04 million. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%.Western Alliance Bancorporation’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.80 EPS.

Western Alliance Bancorporation Stock Up 1.4%

Shares of Western Alliance Bancorporation stock opened at $76.46 on Wednesday. The firm has a market capitalization of $8.44 billion, a PE ratio of 10.05, a price-to-earnings-growth ratio of 0.54 and a beta of 1.35. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 0.95. The stock’s fifty day moving average is $85.47 and its 200-day moving average is $78.59.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Thursday, August 14th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.0%. Western Alliance Bancorporation’s payout ratio is 19.97%.

Insiders Place Their Bets

In related news, insider Tim R. Bruckner sold 2,500 shares of the company’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total transaction of $209,775.00. Following the transaction, the insider directly owned 24,759 shares of the company’s stock, valued at approximately $2,077,527.69. The trade was a 9.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. State of Wyoming acquired a new position in Western Alliance Bancorporation in the 2nd quarter worth about $139,000. Corient Private Wealth LLC increased its position in Western Alliance Bancorporation by 60.4% in the 2nd quarter. Corient Private Wealth LLC now owns 81,425 shares of the financial services provider’s stock worth $6,350,000 after purchasing an additional 30,670 shares during the last quarter. Captrust Financial Advisors increased its position in Western Alliance Bancorporation by 4.6% in the 2nd quarter. Captrust Financial Advisors now owns 7,188 shares of the financial services provider’s stock worth $561,000 after purchasing an additional 317 shares during the last quarter. WFA of San Diego LLC acquired a new position in Western Alliance Bancorporation in the 2nd quarter worth about $78,000. Finally, Tidal Investments LLC increased 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 purchasing an additional 31,334 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on WAL shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a research report on Wednesday, October 8th. Barclays reiterated an “overweight” rating on shares of Western Alliance Bancorporation in a research report on Wednesday, October 8th. Truist Financial set a $92.00 price objective on Western Alliance Bancorporation in a research report on Friday, October 10th. Piper Sandler boosted their price objective on Western Alliance Bancorporation from $94.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, July 21st. Finally, TD Cowen began coverage on Western Alliance Bancorporation in a research report on Thursday, September 25th. They set a “buy” rating and a $118.00 price objective for the company. Thirteen research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and an average price target of $103.14.

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.