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

Western Alliance Bancorporation (NYSE:WALGet Free Report) announced its quarterly earnings data on Friday. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.03, Briefing.com reports. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $711.34 million. During the same quarter last year, the firm earned $2.30 earnings per share.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $57.44 on Friday. The firm’s fifty day simple moving average is $59.50 and its two-hundred day simple moving average is $56.51. 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 12-month low of $11.35 and a 12-month high of $70.23. The firm has a market capitalization of $6.33 billion, a P/E ratio of 8.37 and a beta of 1.47.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio is currently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of the company. Guggenheim Capital LLC grew its holdings in Western Alliance Bancorporation by 3.2% in the first quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock worth $400,000 after purchasing an additional 151 shares during the last quarter. Utah Retirement Systems grew its holdings in Western Alliance Bancorporation by 1.1% in the first quarter. Utah Retirement Systems now owns 18,511 shares of the financial services provider’s stock worth $1,534,000 after purchasing an additional 200 shares during the last quarter. Harbour Investments Inc. grew its holdings in Western Alliance Bancorporation by 33.8% in the second quarter. Harbour Investments Inc. now owns 931 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 235 shares during the last quarter. Cetera Advisor Networks LLC grew its holdings in Western Alliance Bancorporation by 5.2% in the first quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider’s stock worth $413,000 after purchasing an additional 247 shares during the last quarter. Finally, State of Wyoming grew its holdings in Western Alliance Bancorporation by 54.7% in the second quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 277 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on WAL shares. StockNews.com downgraded shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Wedbush decreased their price target on shares of Western Alliance Bancorporation from $75.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday. Jefferies Financial Group decreased their price target on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Barclays started coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an “overweight” rating and a $91.00 price target for the company. Finally, Wells Fargo & Company decreased their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.36.

Check Out Our Latest Stock Report on Western Alliance Bancorporation

Western Alliance Bancorporation Company Profile

(Get Free Report)

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.

Further Reading

Earnings History for Western Alliance Bancorporation (NYSE:WAL)

Receive News & Ratings for Western Alliance Bancorporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western Alliance Bancorporation and related companies with MarketBeat.com's FREE daily email newsletter.