Western Alliance Bancorporation (NYSE:WAL) announced its earnings results on Wednesday. The financial services provider reported $1.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.55, MarketWatch Earnings reports. Western Alliance Bancorporation had a return on equity of 14.37% and a net margin of 32.82%. The company had revenue of $338.60 million during the quarter, compared to analyst estimates of $315.88 million.
Western Alliance Bancorporation stock traded up $1.81 during midday trading on Friday, hitting $71.19. 1,281,929 shares of the stock were exchanged, compared to its average volume of 841,086. The stock has a market capitalization of $7.18 billion, a price-to-earnings ratio of 16.75 and a beta of 1.76. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.20. The business’s 50-day moving average price is $62.16 and its 200-day moving average price is $45.00. Western Alliance Bancorporation has a 52-week low of $20.90 and a 52-week high of $73.59.
WAL has been the topic of several analyst reports. Truist increased their target price on Western Alliance Bancorporation from $41.00 to $50.00 in a research note on Monday, November 2nd. Piper Sandler increased their price objective on Western Alliance Bancorporation from $42.00 to $51.00 and gave the company an “overweight” rating in a report on Monday, October 26th. UBS Group raised Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and raised their price target for the company from $44.00 to $83.00 in a report on Friday, January 8th. Wedbush increased their price objective on Western Alliance Bancorporation from $79.00 to $83.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Stephens reiterated an “overweight” rating and issued a $51.00 price target on shares of Western Alliance Bancorporation in a research note on Wednesday, November 4th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Western Alliance Bancorporation currently has a consensus rating of “Buy” and an average target price of $51.10.
In related news, Director Todd Marshall sold 80,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 24th. The stock was sold at an average price of $55.16, for a total value of $4,412,800.00. Following the transaction, the director now owns 21,246 shares in the company, valued at $1,171,929.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald D. Snyder sold 6,250 shares of the stock in a transaction on Thursday, December 10th. The shares were sold at an average price of $56.29, for a total value of $351,812.50. The disclosure for this sale can be found here. Insiders have sold 88,750 shares of company stock valued at $4,894,138 over the last ninety days. 3.46% of the stock is currently owned by company insiders.
About Western Alliance Bancorporation
Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts.
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