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

Western Alliance Bancorporation (NYSE:WAL) issued its earnings results on Tuesday. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.36, FiscalAI reports. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.52%. The firm had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. During the same quarter in the prior year, the firm posted $2.07 earnings per share. The business’s revenue was up 17.7% on a year-over-year basis.

Western Alliance Bancorporation Trading Up 3.4%

Shares of NYSE:WAL opened at $83.28 on Thursday. The stock’s 50-day simple moving average is $80.26 and its two-hundred day simple moving average is $81.22. The stock has a market capitalization of $9.09 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.73 and a beta of 1.34. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.86.

Western Alliance Bancorporation Announces Dividend

The company 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. This represents a $1.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, May 14th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 18.92%.

Insider Activity at Western Alliance Bancorporation

In other news, CAO Ben Mucha sold 5,946 shares of the 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 transaction, the chief accounting officer owned 3,485 shares in the company, valued at $282,285. This represents a 63.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.76% of the stock is owned by insiders.

Institutional Trading of Western Alliance Bancorporation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC bought a new position in Western Alliance Bancorporation in the fourth quarter worth approximately $456,000. Compound Planning Inc. grew its position in shares of Western Alliance Bancorporation by 5.8% during the 4th quarter. Compound Planning Inc. now owns 3,536 shares of the financial services provider’s stock valued at $297,000 after acquiring an additional 193 shares during the period. Corient Private Wealth LLC increased its stake in shares of Western Alliance Bancorporation by 134.9% in the 4th quarter. Corient Private Wealth LLC now owns 39,056 shares of the financial services provider’s stock worth $3,283,000 after purchasing an additional 22,431 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in Western Alliance Bancorporation in the 4th quarter worth $1,138,000. Finally, EP Wealth Advisors LLC bought a new position in Western Alliance Bancorporation in the 4th quarter worth $1,062,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their price target on shares of Western Alliance Bancorporation from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Wednesday, July 1st. UBS Group increased their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Stephens restated an “overweight” rating on shares of Western Alliance Bancorporation in a research note on Thursday. Finally, Barclays lowered their price target on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.00.

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.