Western Alliance Bancorporation (NYSE:WAL) Releases Earnings Results, Beats Expectations By $0.55 EPS

Western Alliance Bancorporation (NYSE:WAL) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.55, MarketWatch Earnings reports. The business had revenue of $338.60 million for the quarter, compared to analyst estimates of $315.88 million. Western Alliance Bancorporation had a return on equity of 14.37% and a net margin of 32.82%.

Western Alliance Bancorporation stock opened at $71.19 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average price of $62.16 and a 200 day moving average price of $45.00. Western Alliance Bancorporation has a 12-month low of $20.90 and a 12-month high of $73.59. The stock has a market cap of $7.18 billion, a P/E ratio of 16.75 and a beta of 1.76.

In related news, Director Donald D. Snyder sold 6,250 shares of the company’s stock in a transaction that occurred on Thursday, December 10th. The stock was sold at an average price of $56.29, for a total value of $351,812.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Timothy W. Boothe sold 2,500 shares of the stock in a transaction that occurred on Friday, November 13th. The stock was sold at an average price of $51.81, for a total value of $129,525.00. Following the completion of the transaction, the chief operating officer now owns 52,194 shares of the company’s stock, valued at $2,704,171.14. The disclosure for this sale can be found here. Insiders sold a total of 88,750 shares of company stock worth $4,894,138 over the last quarter. 3.46% of the stock is currently owned by company insiders.

Several analysts have weighed in on the company. Wedbush boosted their price target on Western Alliance Bancorporation from $79.00 to $83.00 and gave the company an “outperform” rating in a research note on Friday. UBS Group upgraded shares of Western Alliance Bancorporation from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $44.00 to $83.00 in a research note on Friday, January 8th. Piper Sandler increased their price objective on shares of Western Alliance Bancorporation from $42.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, October 26th. Truist upped their price target on shares of Western Alliance Bancorporation from $41.00 to $50.00 in a report on Monday, November 2nd. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Western Alliance Bancorporation in a research note on Friday, October 23rd. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $51.10.

About Western Alliance Bancorporation

Western Alliance Bancorporation operates as the holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. The company offers deposit products, including checking accounts, savings accounts, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts.

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Earnings History for Western Alliance Bancorporation (NYSE:WAL)

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