Q2 2024 EPS Estimates for Western Alliance Bancorporation Cut by Wedbush (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Research analysts at Wedbush cut their Q2 2024 earnings per share (EPS) estimates for shares of Western Alliance Bancorporation in a research report issued to clients and investors on Friday, April 19th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.75 per share for the quarter, down from their prior estimate of $1.81. Wedbush currently has a “Outperform” rating and a $70.00 price target on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.87 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s FY2024 earnings at $7.73 EPS, Q3 2025 earnings at $2.53 EPS, Q4 2025 earnings at $2.57 EPS and FY2025 earnings at $9.65 EPS.

Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reduced their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday. Hovde Group assumed coverage on Western Alliance Bancorporation in a research report on Monday. They set an “outperform” rating and a $75.00 price objective on the stock. DA Davidson reduced their target price on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a research report on Monday. Royal Bank of Canada decreased their price target on shares of Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday. Finally, Barclays started coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They issued an “overweight” rating and a $91.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $70.88.

Western Alliance Bancorporation Stock Up 2.2 %

Shares of WAL opened at $58.71 on Monday. The firm has a market cap of $6.47 billion, a P/E ratio of 8.56 and a beta of 1.47. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23. The firm’s 50-day simple moving average is $59.41 and its 200 day simple moving average is $56.71.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.03. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. During the same period in the prior year, the firm earned $2.30 earnings per share.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation in the first quarter valued at approximately $27,000. GAMMA Investing LLC grew its position in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Western Alliance Bancorporation by 422.2% during the 3rd quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 760 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation in the 4th quarter worth about $65,000. Finally, Fortitude Family Office LLC bought a new position in Western Alliance Bancorporation in the fourth quarter valued at about $93,000. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

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.