Q2 2024 EPS Estimates for Western Alliance Bancorporation Decreased by Analyst (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Wedbush decreased their Q2 2024 earnings per share estimates for shares of Western Alliance Bancorporation in a report released on Monday, June 24th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.62 per share for the quarter, down from their previous estimate of $1.64. Wedbush currently has a “Outperform” rating and a $70.00 target price on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.44 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $1.92 EPS, Q4 2024 earnings at $2.13 EPS, FY2024 earnings at $7.40 EPS and Q2 2025 earnings at $2.21 EPS.

A number of other research firms have also recently issued reports on WAL. Truist Financial decreased their price target on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 22nd. StockNews.com upgraded Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Friday, June 21st. Wells Fargo & Company dropped their price target on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods cut their price target on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.47.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $60.92 on Wednesday. The firm has a market capitalization of $6.71 billion, a PE ratio of 8.88, a PEG ratio of 1.14 and a beta of 1.46. Western Alliance Bancorporation has a 1 year low of $35.67 and a 1 year high of $70.23. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21. The firm’s fifty day simple moving average is $60.88 and its 200 day simple moving average is $61.29.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 EPS for the quarter, beating the consensus estimate of $1.69 by $0.03. Western Alliance Bancorporation had a return on equity of 14.77% and a net margin of 16.50%. The company had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $711.34 million. During the same quarter last year, the company posted $2.30 earnings per share.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Thursday, May 16th were paid a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $1.48 dividend on an annualized basis and a yield of 2.43%. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of Western Alliance Bancorporation stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total transaction of $64,200.00. Following the sale, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at $361,831.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WAL. Vanguard Group Inc. grew its holdings in shares of Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after purchasing an additional 395,101 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Western Alliance Bancorporation by 16.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock worth $328,165,000 after buying an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Western Alliance Bancorporation by 50.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock worth $161,339,000 after buying an additional 824,636 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its stake in shares of Western Alliance Bancorporation by 103.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after acquiring an additional 876,413 shares during the last quarter. Finally, Hood River Capital Management LLC boosted its holdings in shares of Western Alliance Bancorporation by 5.9% in the 1st quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock worth $105,378,000 after acquiring an additional 91,535 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

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.