Western Alliance Bancorporation (NYSE:WAL) Issues Earnings Results

Western Alliance Bancorporation (NYSE:WAL) posted its quarterly earnings data on Thursday. The financial services provider reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.69 by $0.03, Briefing.com reports. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. Western Alliance Bancorporation had a net margin of 16.74% and a return on equity of 16.33%. During the same period in the prior year, the firm posted $2.30 EPS.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock traded up $0.60 during trading on Friday, reaching $56.34. The company’s stock had a trading volume of 977,266 shares, compared to its average volume of 1,432,323. The stock has a 50-day moving average price of $59.58 and a two-hundred day moving average price of $56.32. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a one year low of $11.35 and a one year high of $70.23. The stock has a market capitalization of $6.21 billion, a P/E ratio of 8.48 and a beta of 1.47.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.63%. Western Alliance Bancorporation’s dividend payout ratio is presently 22.63%.

Analyst Ratings Changes

A number of analysts have weighed in on WAL shares. Wells Fargo & Company dropped their target price on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 10th. Jefferies Financial Group dropped their price objective on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 8th. JPMorgan Chase & Co. dropped their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. DA Davidson reaffirmed a “buy” rating and issued a $85.00 price objective on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Western Alliance Bancorporation in a report on Monday, April 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.73.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 9,361,098 shares of the financial services provider’s stock valued at $775,286,000 after buying an additional 347,525 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Western Alliance Bancorporation by 7.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,058,243 shares of the financial services provider’s stock worth $360,829,000 after purchasing an additional 402,614 shares during the last quarter. BlackRock Inc. raised its holdings in Western Alliance Bancorporation by 12.5% during the 2nd quarter. BlackRock Inc. now owns 5,410,343 shares of the financial services provider’s stock worth $197,315,000 after purchasing an additional 601,129 shares during the last quarter. Wellington Management Group LLP raised its holdings in Western Alliance Bancorporation by 21.5% during the 1st quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock worth $411,724,000 after purchasing an additional 880,430 shares during the last quarter. Finally, State Street Corp raised its holdings in Western Alliance Bancorporation by 44.4% during the 1st quarter. State Street Corp now owns 4,056,477 shares of the financial services provider’s stock worth $144,167,000 after purchasing an additional 1,246,855 shares during the last quarter. 79.15% of the stock is owned by 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.