Q2 2024 Earnings Forecast for Western Alliance Bancorporation Issued By Wedbush (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Stock analysts at Wedbush dropped their Q2 2024 earnings per share estimates for Western Alliance Bancorporation in a research report issued on Thursday, May 2nd. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.65 for the quarter, down from their previous forecast of $1.75. Wedbush 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 $7.58 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $2.08 EPS and Q4 2025 earnings at $2.59 EPS.

WAL has been the subject of several other research reports. Barclays cut their target price on Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating for the company in a research report on Tuesday, April 23rd. Citigroup boosted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research note on Monday, January 29th. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. JPMorgan Chase & Co. reduced their price target on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Thursday, April 4th. Finally, Wells Fargo & Company dropped their price objective on shares of 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 research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Western Alliance Bancorporation Stock Up 2.1 %

NYSE WAL opened at $61.24 on Friday. Western Alliance Bancorporation has a 1-year low of $11.35 and a 1-year high of $70.23. The company has a market capitalization of $6.75 billion, a price-to-earnings ratio of 8.93 and a beta of 1.47. The stock’s 50 day moving average is $59.20 and its two-hundred day moving average is $57.32. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results 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. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same period in the previous year, the business earned $2.30 EPS.

Institutional Trading of Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in shares of Western Alliance Bancorporation in the 1st quarter valued at about $27,000. GAMMA Investing LLC boosted its stake in Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings 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 period. Rakuten Securities Inc. bought a new stake in shares of Western Alliance Bancorporation during the 4th quarter valued at $65,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Western Alliance Bancorporation in the 4th quarter valued at $93,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Thursday, May 16th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) 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.