Western Alliance Bancorporation (NYSE:WAL) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) released its quarterly earnings data on Friday. The financial services provider reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.03, Briefing.com reports. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. During the same quarter last year, the business posted $2.30 EPS.

Western Alliance Bancorporation Stock Performance

Shares of WAL traded up $1.68 during mid-day trading on Friday, hitting $57.42. 4,028,216 shares of the company traded hands, compared to its average volume of 1,473,813. The stock has a market cap of $6.33 billion, a price-to-earnings ratio of 8.78 and a beta of 1.47. The stock has a 50-day moving average price of $59.50 and a two-hundred day moving average price of $56.41. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation's payout ratio is presently 22.63%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently modified their holdings of the company. DRW Securities LLC bought a new position in Western Alliance Bancorporation in the fourth quarter valued at about $564,000. GSA Capital Partners LLP bought a new position in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $989,000. Public Employees Retirement System of Ohio boosted its holdings in shares of Western Alliance Bancorporation by 31.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 104,296 shares of the financial services provider's stock worth $6,862,000 after buying an additional 25,118 shares during the last quarter. Chartwell Investment Partners LLC grew its position in Western Alliance Bancorporation by 12.6% during the fourth quarter. Chartwell Investment Partners LLC now owns 45,096 shares of the financial services provider's stock valued at $2,967,000 after buying an additional 5,038 shares during the period. Finally, Voya Investment Management LLC increased its holdings in Western Alliance Bancorporation by 91.4% during the fourth quarter. Voya Investment Management LLC now owns 329,096 shares of the financial services provider's stock valued at $21,651,000 after buying an additional 157,124 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on WAL shares. DA Davidson restated a "buy" rating and issued a $85.00 price objective on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Jefferies Financial Group cut their price objective on Western Alliance Bancorporation from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Monday, April 8th. Barclays assumed coverage on Western Alliance Bancorporation in a research report on Friday, March 8th. They issued an "overweight" rating and a $91.00 target price for the company. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an "overweight" rating on the stock in a research report on Thursday, April 4th. Finally, Citigroup increased their price objective on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a "buy" rating in a report on Monday, January 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.73.

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.