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

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $2.04 by $0.03, Zacks reports. Western Alliance Bancorporation had a net margin of 15.80% and a return on equity of 12.57%.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock traded up $2.38 during mid-day trading on Thursday, hitting $84.74. 1,213,104 shares of the company traded hands, compared to its average volume of 1,209,703. The stock has a market cap of $9.36 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 0.58 and a beta of 1.29. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.83 and a current ratio of 0.88. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $98.10. The stock has a fifty day moving average price of $76.75 and a 200-day moving average price of $78.29.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were given a dividend of $0.38 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.79%. Western Alliance Bancorporation's payout ratio is presently 20.85%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently made changes to their positions in WAL. Jones Financial Companies Lllp increased its stake in shares of Western Alliance Bancorporation by 513.5% in the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock worth $133,000 after buying an additional 1,448 shares during the period. NewEdge Advisors LLC increased its position in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after purchasing an additional 3,249 shares during the period. Goldman Sachs Group Inc. increased its position in Western Alliance Bancorporation by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after purchasing an additional 21,642 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Western Alliance Bancorporation by 11.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock valued at $26,701,000 after purchasing an additional 35,276 shares during the period. 79.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on WAL shares. Jefferies Financial Group initiated coverage on shares of Western Alliance Bancorporation in a research report on Wednesday, May 21st. They issued a "buy" rating and a $95.00 price target for the company. Wells Fargo & Company increased their target price on shares of Western Alliance Bancorporation from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Barclays upped their price objective on shares of Western Alliance Bancorporation from $97.00 to $100.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. upped their price objective on shares of Western Alliance Bancorporation from $80.00 to $87.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, DA Davidson lowered their target price on shares of Western Alliance Bancorporation from $106.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $97.50.

Western Alliance Bancorporation Company Profile

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.

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