Western Alliance Bancorporation (NYSE:WAL) Issues Quarterly Earnings Results

Western Alliance Bancorporation (NYSE:WAL – Get Rating) released its quarterly earnings results on Wednesday. The financial services provider reported $2.67 earnings per share for the quarter, meeting the consensus estimate of $2.67, Briefing.com reports. The business had revenue of $701.20 million during the quarter, compared to analysts’ expectations of $733.13 million. Western Alliance Bancorporation had a return on equity of 21.50% and a net margin of 37.86%. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.32 EPS.

Western Alliance Bancorporation Trading Up 1.2 %

WAL traded up $0.78 during trading hours on Wednesday, reaching $68.08. 35,793 shares of the company’s stock traded hands, compared to its average volume of 752,812. The firm has a 50-day moving average price of $63.01 and a 200 day moving average price of $69.34. Western Alliance Bancorporation has a 52-week low of $54.86 and a 52-week high of $113.47. The company has a quick ratio of 0.96, a current ratio of 1.00 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $7.41 billion, a PE ratio of 7.11, a PEG ratio of 0.62 and a beta of 1.37.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently bought and sold shares of the business. Loomis Sayles & Co. L P purchased a new position in Western Alliance Bancorporation during the 1st quarter valued at $64,000. Canada Pension Plan Investment Board raised its position in shares of Western Alliance Bancorporation by 436.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 800 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 651 shares in the last quarter. PFS Investments Inc. raised its position in shares of Western Alliance Bancorporation by 15.2% in the 1st quarter. PFS Investments Inc. now owns 3,182 shares of the financial services provider’s stock worth $263,000 after acquiring an additional 421 shares in the last quarter. Pearl River Capital LLC raised its position in shares of Western Alliance Bancorporation by 18.5% in the 1st quarter. Pearl River Capital LLC now owns 3,203 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 499 shares in the last quarter. Finally, MetLife Investment Management LLC bought a new position in shares of Western Alliance Bancorporation in the 1st quarter worth $374,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WAL shares. Wedbush dropped their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a “neutral” rating for the company in a report on Monday, October 24th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, October 24th. Truist Financial dropped their target price on Western Alliance Bancorporation from $95.00 to $86.00 in a report on Monday, October 24th. Finally, JPMorgan Chase & Co. dropped their target price on Western Alliance Bancorporation from $89.00 to $65.00 and set a “neutral” rating for the company in a report on Tuesday, December 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation presently has an average rating of “Hold” and a consensus price target of $86.86.

About Western Alliance Bancorporation

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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 in Commercial, Consumer Related, and Corporate & Other 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; and treasury management and residential mortgage products and services.