Western Alliance Bancorporation (NYSE:WAL) Releases Earnings Results, Beats Expectations By $0.16 EPS

Western Alliance Bancorporation (NYSE:WALGet Rating) announced its earnings results on Thursday. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.06 by $0.16, MarketWatch Earnings reports. Western Alliance Bancorporation had a net margin of 43.59% and a return on equity of 22.02%. The company had revenue of $555.80 million during the quarter, compared to analysts’ expectations of $540.09 million. During the same quarter in the previous year, the business posted $1.90 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 64.9% on a year-over-year basis.

Shares of NYSE WAL traded down $1.75 during mid-day trading on Friday, hitting $74.45. 15,510 shares of the stock traded hands, compared to its average volume of 998,187. The company has a market cap of $7.97 billion, a PE ratio of 8.79, a price-to-earnings-growth ratio of 0.66 and a beta of 1.48. Western Alliance Bancorporation has a twelve month low of $73.31 and a twelve month high of $124.93. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.94 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $84.71 and a two-hundred day simple moving average of $102.32.

The business also recently announced a quarterly dividend, which was paid on Friday, March 4th. Shareholders of record on Friday, February 18th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, February 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. Western Alliance Bancorporation’s payout ratio is presently 16.15%.

WAL has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on shares of Western Alliance Bancorporation from $150.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, January 4th. StockNews.com started coverage on Western Alliance Bancorporation in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Zacks Investment Research cut Western Alliance Bancorporation from a “buy” rating to a “hold” rating in a report on Wednesday, February 2nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Buy” and an average target price of $135.86.

In related news, General Counsel Randall S. Theisen sold 2,963 shares of the company’s stock in a transaction that occurred on Wednesday, February 9th. The stock was sold at an average price of $101.96, for a total value of $302,107.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Randall S. Theisen sold 6,574 shares of the business’s stock in a transaction that occurred on Thursday, February 24th. The stock was sold at an average price of $90.00, for a total transaction of $591,660.00. The disclosure for this sale can be found here. 2.81% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the stock. NEXT Financial Group Inc bought a new stake in Western Alliance Bancorporation in the fourth quarter valued at $25,000. Tobam bought a new position in Western Alliance Bancorporation in the fourth quarter worth approximately $40,000. Forum Financial Management LP bought a new stake in shares of Western Alliance Bancorporation during the fourth quarter valued at approximately $317,000. JustInvest LLC increased its stake in Western Alliance Bancorporation by 13.6% during the 4th quarter. JustInvest LLC now owns 3,115 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 372 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY raised its holdings in Western Alliance Bancorporation by 26.0% during the fourth quarter. Metropolitan Life Insurance Co NY now owns 4,481 shares of the financial services provider’s stock worth $482,000 after buying an additional 926 shares during the last quarter. Institutional investors and hedge funds own 87.15% of the company’s stock.

About Western Alliance Bancorporation (Get Rating)

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 in Commercial, Consumer Related, and Corporate & Other 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; and treasury management and residential mortgage products and services.

Further Reading

Earnings History for Western Alliance Bancorporation (NYSE:WAL)

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