Western Alliance Bancorporation (NYSE:WAL) Posts Earnings Results

Western Alliance Bancorporation (NYSE:WAL) announced its earnings results on Monday. The financial services provider reported $2.45 EPS for the quarter, topping the consensus estimate of $2.43 by $0.02, Zacks reports. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $987.91 million. Western Alliance Bancorporation had a return on equity of 13.50% and a net margin of 17.34%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.28 earnings per share.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $76.22 on Friday. Western Alliance Bancorporation has a 12 month low of $65.82 and a 12 month high of $97.23. The business’s fifty day simple moving average is $77.51 and its two-hundred day simple moving average is $79.18. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 8.09, a P/E/G ratio of 0.79 and a beta of 1.42. The company has a current ratio of 0.84, a quick ratio of 0.81 and a debt-to-equity ratio of 0.87.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 18.56%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Keefe, Bruyette & Woods cut their price objective on Western Alliance Bancorporation from $92.00 to $90.00 and set an “outperform” rating for the company in a report on Wednesday. Stifel Nicolaus set a $95.00 price target on Western Alliance Bancorporation in a report on Thursday, July 23rd. Piper Sandler set a $96.00 target price on shares of Western Alliance Bancorporation in a report on Tuesday. DA Davidson set a $107.00 price objective on Western Alliance Bancorporation in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.18.

About Western Alliance Bancorporation

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.