Western Alliance Bancorporation (NYSE:WAL) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Western Alliance Bancorporation (NYSE:WAL) issued its earnings results on Monday. The financial services provider reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.01, Zacks reports. Western Alliance Bancorporation had a return on equity of 13.14% and a net margin of 15.49%. The company had revenue of $790.10 million for the quarter, compared to the consensus estimate of $792.25 million. During the same quarter in the prior year, the company earned $1.72 EPS.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL opened at $65.40 on Tuesday. The stock has a 50 day moving average price of $76.18 and a 200 day moving average price of $83.76. Western Alliance Bancorporation has a 52 week low of $56.70 and a 52 week high of $98.10. The stock has a market capitalization of $7.22 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.63 and a beta of 1.29. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 14th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, February 14th. Western Alliance Bancorporation’s payout ratio is 21.41%.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Tuesday, February 25th. Piper Sandler raised their price target on shares of Western Alliance Bancorporation from $115.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Barclays cut their target price on Western Alliance Bancorporation from $107.00 to $97.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. DA Davidson dropped their price objective on Western Alliance Bancorporation from $110.00 to $106.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Finally, JPMorgan Chase & Co. reduced their target price on Western Alliance Bancorporation from $110.00 to $105.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average target price of $96.40.

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.