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

Western Alliance Bancorporation (NYSE:WAL) – Investment analysts at Wedbush reduced their Q2 2024 earnings per share (EPS) estimates for Western Alliance Bancorporation in a note issued to investors on Friday, April 19th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will earn $1.75 per share for the quarter, down from their previous forecast of $1.81. 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 $7.87 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.

Several other equities analysts have also issued reports on WAL. Jefferies Financial Group reduced their target price on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating for the company in a report on Monday, April 8th. Truist Financial reaffirmed a “buy” rating and issued a $80.00 target price on shares of Western Alliance Bancorporation in a report on Monday, April 1st. Barclays began coverage on Western Alliance Bancorporation in a report on Friday, March 8th. They set an “overweight” rating and a $91.00 price objective for the company. Stephens reissued an “overweight” rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a report on Friday. Finally, Wells Fargo & Company reduced their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $71.36.

Western Alliance Bancorporation Stock Performance

WAL stock opened at $57.44 on Monday. The firm has a market cap of $6.33 billion, a PE ratio of 8.37 and a beta of 1.47. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. The business has a 50 day moving average of $59.50 and a 200-day moving average of $56.60. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23.

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

Western Alliance Bancorporation Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders 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 2.58%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of large investors have recently made changes to their positions in WAL. Harbour Investments Inc. raised its position in shares of Western Alliance Bancorporation by 400.7% in the first quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock worth $25,000 after buying an additional 557 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in shares of Western Alliance Bancorporation in the first quarter worth $27,000. Lazard Asset Management LLC purchased a new stake in shares of Western Alliance Bancorporation in the second quarter worth $28,000. State of Wyoming raised its position in shares of Western Alliance Bancorporation by 54.7% in the second quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock worth $29,000 after buying an additional 277 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 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.