FY2023 EPS Estimates for Western Alliance Bancorporation Lowered by DA Davidson (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Investment analysts at DA Davidson reduced their FY2023 earnings estimates for shares of Western Alliance Bancorporation in a research report issued to clients and investors on Wednesday, September 6th. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings of $8.16 per share for the year, down from their previous estimate of $8.17. DA Davidson currently has a “Buy” rating and a $64.00 target price on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $8.11 per share.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $1.97 by ($0.01). Western Alliance Bancorporation had a net margin of 24.19% and a return on equity of 20.09%. The firm had revenue of $669.30 million for the quarter, compared to analyst estimates of $657.14 million. During the same period in the previous year, the firm posted $2.39 EPS. The company’s revenue was up 8.0% compared to the same quarter last year.

Several other analysts also recently weighed in on WAL. JPMorgan Chase & Co. lifted their target price on shares of Western Alliance Bancorporation from $53.00 to $60.00 in a report on Thursday, July 20th. Stephens reiterated an “overweight” rating and issued a $65.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, July 19th. UBS Group increased their target price on Western Alliance Bancorporation from $61.00 to $66.00 in a research note on Thursday, July 20th. Piper Sandler reissued an “overweight” rating and set a $60.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, August 25th. Finally, Bank of America began coverage on Western Alliance Bancorporation in a research note on Tuesday, May 16th. They set a “buy” rating and a $42.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.43.

Western Alliance Bancorporation Price Performance

Shares of WAL opened at $48.23 on Friday. The firm has a 50-day simple moving average of $47.25 and a two-hundred day simple moving average of $42.39. The stock has a market cap of $5.28 billion, a PE ratio of 5.79, a P/E/G ratio of 0.58 and a beta of 1.42. Western Alliance Bancorporation has a 1-year low of $7.46 and a 1-year high of $81.17. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.04 and a quick ratio of 0.97.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Thursday, August 10th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 17.29%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Hedge funds and other institutional investors have recently made changes to their positions in the business. WINTON GROUP Ltd purchased a new position in Western Alliance Bancorporation during the 1st quarter worth approximately $667,000. Quadrant Capital Group LLC grew its stake in Western Alliance Bancorporation by 57.4% during the 4th quarter. Quadrant Capital Group LLC now owns 916 shares of the financial services provider’s stock worth $55,000 after buying an additional 334 shares during the last quarter. Grandeur Peak Global Advisors LLC purchased a new position in Western Alliance Bancorporation during the 1st quarter worth approximately $1,066,000. GSA Capital Partners LLP grew its stake in Western Alliance Bancorporation by 69.6% during the 4th quarter. GSA Capital Partners LLP now owns 6,964 shares of the financial services provider’s stock worth $415,000 after buying an additional 2,857 shares during the last quarter. Finally, Evoke Wealth LLC purchased a new position in Western Alliance Bancorporation during the 1st quarter worth approximately $225,000. Institutional investors and hedge funds own 72.04% of the company’s stock.

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.