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

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) posted its earnings results on Thursday. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.04 by $0.03, Zacks reports. Western Alliance Bancorporation had a return on equity of 12.62% and a net margin of 16.39%. The firm had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same quarter in the prior year, the company earned $1.75 EPS.

Western Alliance Bancorporation Price Performance

WAL traded down $0.79 during trading on Monday, hitting $80.45. The company's stock had a trading volume of 737,798 shares, compared to its average volume of 1,198,020. The firm's 50 day moving average price is $77.09 and its two-hundred day moving average price is $78.21. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.95. Western Alliance Bancorporation has a 12 month low of $57.05 and a 12 month high of $98.10. The stock has a market capitalization of $8.88 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 0.58 and a beta of 1.29.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Thursday, May 15th were given a $0.38 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.52 annualized dividend and a yield of 1.89%. Western Alliance Bancorporation's payout ratio is 19.97%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Western Alliance Bancorporation by 11.3% in the first 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 acquiring an additional 35,276 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Western Alliance Bancorporation by 24.0% in 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 acquiring an additional 21,642 shares in the last quarter. NewEdge Advisors LLC raised its holdings in shares of Western Alliance Bancorporation by 71.2% in the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock worth $600,000 after purchasing an additional 3,249 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in shares of Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock worth $133,000 after purchasing an additional 1,448 shares during the period. 79.15% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on WAL shares. Wall Street Zen upgraded Western Alliance Bancorporation from a "sell" rating to a "hold" rating in a research report on Wednesday, May 21st. Barclays raised their price objective on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. DA Davidson upped their target price on shares of Western Alliance Bancorporation from $90.00 to $98.00 and gave the company a "buy" rating in a research note on Monday. Royal Bank Of Canada reduced their price objective on Western Alliance Bancorporation from $105.00 to $85.00 and set an "outperform" rating for the company in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. upped their price objective on Western Alliance Bancorporation from $80.00 to $87.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.71.

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.