Western Alliance Bancorporation (NYSE:WAL – Get Rating) – Research analysts at DA Davidson lowered their FY2022 earnings estimates for shares of Western Alliance Bancorporation in a report released on Thursday, June 30th. DA Davidson analyst G. Tenner now anticipates that the financial services provider will post earnings of $10.03 per share for the year, down from their prior estimate of $10.11. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $9.88 per share.
Western Alliance Bancorporation (NYSE:WAL – Get Rating) last issued its quarterly earnings data on Thursday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.13. The business had revenue of $555.80 million for the quarter, compared to the consensus estimate of $540.09 million. Western Alliance Bancorporation had a net margin of 41.03% and a return on equity of 21.77%. The company’s quarterly revenue was up 64.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.90 EPS.
WAL has been the topic of a number of other reports. Truist Financial reduced their target price on shares of Western Alliance Bancorporation from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday, June 15th. Piper Sandler reduced their target price on shares of Western Alliance Bancorporation to $105.00 in a research report on Friday, May 20th. StockNews.com began coverage on shares of Western Alliance Bancorporation in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Wedbush downgraded shares of Western Alliance Bancorporation from an “outperform” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $119.75.
Shares of Western Alliance Bancorporation stock opened at $71.77 on Monday. The company’s fifty day simple moving average is $76.21 and its two hundred day simple moving average is $88.53. The company has a market cap of $7.77 billion, a P/E ratio of 7.98, a PEG ratio of 0.73 and a beta of 1.45. The company has a current ratio of 0.92, a quick ratio of 0.83 and a debt-to-equity ratio of 0.37. Western Alliance Bancorporation has a 12-month low of $68.42 and a 12-month high of $124.93.
The company also recently declared a quarterly dividend, which was paid on Friday, May 27th. Investors of record on Friday, May 13th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date was Thursday, May 12th. Western Alliance Bancorporation’s payout ratio is 15.57%.
In related news, CAO J. Kelly Jr. Ardrey bought 3,000 shares of the stock in a transaction on Thursday, April 28th. The shares were acquired at an average price of $78.67 per share, for a total transaction of $236,010.00. Following the purchase, the chief accounting officer now owns 6,090 shares of the company’s stock, valued at $479,100.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Dale Gibbons bought 2,000 shares of the stock in a transaction on Friday, June 10th. The shares were bought at an average price of $77.22 per share, for a total transaction of $154,440.00. Following the purchase, the chief financial officer now directly owns 258,365 shares in the company, valued at approximately $19,950,945.30. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 7,150 shares of company stock worth $549,224. 2.81% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of WAL. Amalgamated Bank increased its position in shares of Western Alliance Bancorporation by 6.0% during the 1st quarter. Amalgamated Bank now owns 21,032 shares of the financial services provider’s stock valued at $1,742,000 after purchasing an additional 1,190 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Western Alliance Bancorporation by 2.7% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 32,534 shares of the financial services provider’s stock valued at $2,694,000 after purchasing an additional 866 shares during the last quarter. Verition Fund Management LLC increased its position in shares of Western Alliance Bancorporation by 406.7% during the 1st quarter. Verition Fund Management LLC now owns 28,641 shares of the financial services provider’s stock valued at $2,372,000 after purchasing an additional 22,988 shares during the last quarter. Walleye Capital LLC purchased a new stake in Western Alliance Bancorporation in the 1st quarter worth approximately $4,336,000. Finally, Capital Group Private Client Services Inc. increased its holdings in Western Alliance Bancorporation by 0.4% in the 1st quarter. Capital Group Private Client Services Inc. now owns 232,140 shares of the financial services provider’s stock worth $19,226,000 after acquiring an additional 856 shares in the last quarter. Institutional investors and hedge funds own 87.16% of the company’s stock.
About Western Alliance Bancorporation: (Get Rating)
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.
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