Western Alliance Bancorporation (NYSE:WAL – Get Rating) released its earnings results on Wednesday. The financial services provider reported $2.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.67, Briefing.com reports. The business had revenue of $701.20 million during the quarter, compared to the consensus estimate of $733.13 million. Western Alliance Bancorporation had a net margin of 37.86% and a return on equity of 21.50%. 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 firm earned $2.32 earnings per share.
Western Alliance Bancorporation Stock Down 1.3 %
Shares of WAL stock traded down $0.85 during trading hours on Wednesday, hitting $66.45. 56,422 shares of the company’s stock traded hands, compared to its average volume of 754,101. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 0.62 and a beta of 1.37. 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 stock’s fifty day simple moving average is $63.01 and its two-hundred day simple moving average is $69.34. Western Alliance Bancorporation has a 12-month low of $54.86 and a 12-month high of $113.47.
Institutional Investors Weigh In On Western Alliance Bancorporation
Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 9,361,098 shares of the financial services provider’s stock valued at $775,286,000 after purchasing an additional 347,525 shares in the last quarter. Wellington Management Group LLP grew its holdings in Western Alliance Bancorporation by 21.5% in the first quarter. Wellington Management Group LLP now owns 4,971,314 shares of the financial services provider’s stock worth $411,724,000 after purchasing an additional 880,430 shares during the last quarter. State Street Corp grew its stake in Western Alliance Bancorporation by 4.7% during the 1st quarter. State Street Corp now owns 2,857,144 shares of the financial services provider’s stock valued at $236,629,000 after purchasing an additional 127,683 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Western Alliance Bancorporation by 5.2% in the first quarter. Clearbridge Investments LLC now owns 2,700,313 shares of the financial services provider’s stock valued at $223,640,000 after acquiring an additional 133,345 shares during the period. Finally, Macquarie Group Ltd. grew its holdings in shares of Western Alliance Bancorporation by 4.2% during the second quarter. Macquarie Group Ltd. now owns 2,610,285 shares of the financial services provider’s stock worth $184,287,000 after buying an additional 104,020 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.
Wall Street Analysts Forecast Growth
About Western Alliance Bancorporation
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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