Western Alliance Bancorporation (NYSE:WAL – Get Free Report) announced its earnings results on Thursday. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.03, Briefing.com reports. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a net margin of 16.74% and a return on equity of 16.33%. During the same period in the prior year, the company earned $2.30 EPS.
Western Alliance Bancorporation Stock Up 1.1 %
Shares of NYSE WAL traded up $0.60 during midday trading on Friday, reaching $56.34. 977,266 shares of the company’s stock traded hands, compared to its average volume of 1,432,323. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The stock’s 50 day simple moving average is $59.58 and its 200-day simple moving average is $56.32. Western Alliance Bancorporation has a one year low of $11.35 and a one year high of $70.23. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 8.48 and a beta of 1.47.
Western Alliance Bancorporation Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.63%. Western Alliance Bancorporation’s dividend payout ratio is presently 22.63%.
Analyst Upgrades and Downgrades
Check Out Our Latest Research Report on WAL
Hedge Funds Weigh In On Western Alliance Bancorporation
Hedge funds and other institutional investors have recently modified their holdings of the business. Guggenheim Capital LLC lifted its stake in shares of Western Alliance Bancorporation by 3.2% during the first quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock worth $400,000 after buying an additional 151 shares during the period. Utah Retirement Systems raised its holdings in shares of Western Alliance Bancorporation by 1.1% during the first quarter. Utah Retirement Systems now owns 18,511 shares of the financial services provider’s stock worth $1,534,000 after purchasing an additional 200 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Western Alliance Bancorporation by 33.8% during the second quarter. Harbour Investments Inc. now owns 931 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 235 shares during the last quarter. Cetera Advisor Networks LLC raised its holdings in shares of Western Alliance Bancorporation by 5.2% during the first quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider’s stock worth $413,000 after purchasing an additional 247 shares during the last quarter. Finally, State of Wyoming increased its holdings in Western Alliance Bancorporation by 54.7% in the second quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock valued at $29,000 after buying an additional 277 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors.
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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