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

Western Alliance Bancorporation (NYSE:WAL) announced its quarterly earnings results on Monday. The financial services provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.41 by $0.18, Briefing.com reports. The company had revenue of $913.50 million for the quarter, compared to analyst estimates of $912.69 million. Western Alliance Bancorporation had a net margin of 17.14% and a return on equity of 12.93%. Western Alliance Bancorporation’s revenue was up 17.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.95 earnings per share.

Western Alliance Bancorporation Trading Down 0.3%

WAL traded down $0.27 during trading on Tuesday, reaching $88.15. The company had a trading volume of 108,634 shares, compared to its average volume of 780,486. The firm’s 50-day simple moving average is $85.25 and its 200 day simple moving average is $83.63. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.80 and a current ratio of 0.85. The company has a market cap of $9.70 billion, a price-to-earnings ratio of 10.95, a PEG ratio of 0.53 and a beta of 1.34. Western Alliance Bancorporation has a 12-month low of $57.05 and a 12-month high of $94.40.

Western Alliance Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Thursday, November 13th were given a $0.42 dividend. This is a positive change from Western Alliance Bancorporation’s previous quarterly dividend of $0.38. The ex-dividend date was Thursday, November 13th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 1.9%. Western Alliance Bancorporation’s dividend payout ratio is 20.77%.

Analyst Upgrades and Downgrades

WAL has been the subject of a number of recent analyst reports. UBS Group reiterated a “buy” rating and issued a $107.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, January 6th. Wells Fargo & Company decreased their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “underweight” rating for the company in a report on Thursday, October 23rd. JPMorgan Chase & Co. raised their price objective on shares of Western Alliance Bancorporation from $100.00 to $105.00 and gave the company an “overweight” rating in a research note on Wednesday, October 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of Western Alliance Bancorporation in a report on Monday, December 29th. Finally, Industrial Alliance Securities set a $108.00 price target on Western Alliance Bancorporation in a research note on Wednesday, January 7th. Twelve equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.20.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CFO Dale Gibbons purchased 4,000 shares of the business’s stock in a transaction dated Thursday, October 30th. The shares were acquired at an average price of $77.00 per share, for a total transaction of $308,000.00. Following the completion of the acquisition, the chief financial officer directly owned 300,358 shares of the company’s stock, valued at $23,127,566. The trade was a 1.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.75% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new stake in shares of Western Alliance Bancorporation in the third quarter worth $58,000. Northwestern Mutual Wealth Management Co. boosted its position in Western Alliance Bancorporation by 241.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 713 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 504 shares during the period. National Bank of Canada FI boosted its position in Western Alliance Bancorporation by 43.5% during the 3rd quarter. National Bank of Canada FI now owns 818 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 248 shares during the period. EverSource Wealth Advisors LLC grew its stake in Western Alliance Bancorporation by 128.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 840 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 472 shares in the last quarter. Finally, WFA of San Diego LLC acquired a new position in shares of Western Alliance Bancorporation in the 2nd quarter valued at about $78,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.