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

Western Alliance Bancorporation (NYSE:WAL) posted its quarterly earnings data on Tuesday. The financial services provider reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.74, FiscalAI reports. The business had revenue of $968.40 million during the quarter, compared to analysts’ expectations of $944.18 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business’s revenue was up 31.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.79 earnings per share.

Western Alliance Bancorporation Stock Down 1.8%

NYSE WAL opened at $78.02 on Wednesday. Western Alliance Bancorporation has a 52 week low of $62.38 and a 52 week high of $97.23. The firm has a market cap of $8.57 billion, a PE ratio of 8.94, a P/E/G ratio of 0.70 and a beta of 1.37. The business’s fifty day simple moving average is $77.86 and its 200-day simple moving average is $81.63. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83.

Western Alliance Bancorporation Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were paid a $0.42 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 19.24%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on WAL. Wells Fargo & Company raised shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their price target for the company from $83.00 to $79.00 in a research note on Monday, March 9th. JPMorgan Chase & Co. decreased their price objective on shares of Western Alliance Bancorporation from $105.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, April 1st. Piper Sandler dropped their target price on shares of Western Alliance Bancorporation from $108.00 to $94.00 and set an “overweight” rating on the stock in a research report on Thursday, April 2nd. Weiss Ratings cut shares of Western Alliance Bancorporation from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, March 20th. Finally, TD Cowen downgraded shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price target for the company. in a research report on Monday, March 9th. Nine equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $93.36.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds have recently made changes to their positions in WAL. Los Angeles Capital Management LLC purchased a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at approximately $38,000. Steward Partners Investment Advisory LLC purchased a new position in Western Alliance Bancorporation in the fourth quarter worth approximately $49,000. Advisory Services Network LLC purchased a new position in Western Alliance Bancorporation in the third quarter worth approximately $58,000. Northwestern Mutual Wealth Management Co. increased its stake in Western Alliance Bancorporation by 241.1% during the second 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 last quarter. Finally, Empowered Funds LLC acquired a new stake in Western Alliance Bancorporation during the fourth quarter worth $68,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

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.