Western Alliance Bancorporation (NYSE:WAL) Announces Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Western Alliance Bancorporation (NYSE:WAL) posted its quarterly earnings data 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. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%. During the same quarter last year, the company posted $2.28 earnings per share. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year.

Western Alliance Bancorporation Trading Down 1.2%

Western Alliance Bancorporation stock traded down $0.92 during trading on Monday, reaching $73.59. 1,501,747 shares of the company were exchanged, compared to its average volume of 1,181,808. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23. The company has a market capitalization of $8.03 billion, a P/E ratio of 8.29, a PEG ratio of 0.76 and a beta of 1.42. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. The stock’s 50 day simple moving average is $78.00 and its two-hundred day simple moving average is $79.13.

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 18.92%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WAL. Weiss Ratings raised Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, October 8th. Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $90.00 to $84.00 and set an “equal weight” rating for the company in a research note on Tuesday, September 29th. Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the company an “overweight” rating in a report on Thursday, July 23rd. Piper Sandler lifted their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Western Alliance Bancorporation from $93.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, October 1st. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price 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.