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

Western Alliance Bancorporation (NYSE:WAL) announced its quarterly earnings results on Thursday. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. During the same period in the prior year, the company posted $2.30 EPS.

Western Alliance Bancorporation Stock Up 3.0 %

Shares of NYSE WAL opened at $57.44 on Friday. The firm has a market cap of $6.33 billion, a PE ratio of 8.37 and a beta of 1.47. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23. The company’s fifty day simple moving average is $59.50 and its 200 day simple moving average is $56.41. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.58%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WAL. Royal Bank of Canada restated an “outperform” rating and issued a $78.00 price target on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. Stephens reiterated an “overweight” rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday. DA Davidson reiterated a “buy” rating and set a $85.00 price objective on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Barclays assumed coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They set an “overweight” rating and a $91.00 price objective for the company. Finally, Truist Financial reiterated a “buy” rating and set a $80.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.36.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp lifted its stake in shares of Western Alliance Bancorporation by 44.4% in the first quarter. State Street Corp now owns 4,056,477 shares of the financial services provider’s stock valued at $144,167,000 after buying an additional 1,246,855 shares in the last quarter. Norges Bank bought a new position in shares of Western Alliance Bancorporation in the fourth quarter valued at $68,940,000. Alyeska Investment Group L.P. bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at $32,430,000. Wellington Management Group LLP lifted its stake in shares of Western Alliance Bancorporation by 21.5% in the first quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock valued at $411,724,000 after buying an additional 880,430 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in shares of Western Alliance Bancorporation in the first quarter valued at $24,419,000. 79.15% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

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.