Western Alliance Bancorporation (NYSE:WAL) to Post Q1 2024 Earnings of $1.53 Per Share, Wedbush Forecasts

Western Alliance Bancorporation (NYSE:WAL) – Analysts at Wedbush cut their Q1 2024 EPS estimates for Western Alliance Bancorporation in a note issued to investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.53 for the quarter, down from their previous forecast of $1.61. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.90 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.81 EPS, Q4 2024 earnings at $2.33 EPS, Q1 2025 earnings at $2.23 EPS, Q2 2025 earnings at $2.36 EPS, Q3 2025 earnings at $2.46 EPS, Q4 2025 earnings at $2.49 EPS and FY2025 earnings at $9.55 EPS.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Friday, January 26th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.02). Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $705.97 million. During the same period in the prior year, the company posted $2.67 earnings per share.

Several other equities research analysts have also recently weighed in on WAL. Citigroup raised their price objective on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, January 29th. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Barclays began coverage on shares of Western Alliance Bancorporation in a research note on Friday, March 8th. They set an “overweight” rating and a $91.00 price objective on the stock. Wells Fargo & Company reissued an “equal weight” rating and set a $72.00 price objective (up previously from $62.00) on shares of Western Alliance Bancorporation in a research note on Tuesday, January 30th. Finally, DA Davidson reissued a “buy” rating and set a $85.00 price objective on shares of Western Alliance Bancorporation in a research note on Thursday, March 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

Western Alliance Bancorporation Trading Down 0.1 %

Shares of WAL stock opened at $64.17 on Thursday. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 9.81 and a beta of 1.46. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The firm has a fifty day moving average of $60.88 and a 200-day moving average of $54.98. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 annualized dividend and a yield of 2.31%. Western Alliance Bancorporation’s dividend payout ratio is 22.63%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently bought and sold shares of WAL. Harbour Investments Inc. raised its stake in Western Alliance Bancorporation by 400.7% during the first quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 557 shares in the last quarter. Lazard Asset Management LLC acquired a new position in Western Alliance Bancorporation during the second quarter worth about $28,000. State of Wyoming raised its stake in Western Alliance Bancorporation by 54.7% during the second quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 277 shares in the last quarter. Advisory Services Network LLC raised its stake in Western Alliance Bancorporation by 118.2% during the first quarter. Advisory Services Network LLC now owns 993 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 538 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Western Alliance Bancorporation in the third quarter valued at approximately $43,000. Institutional investors own 79.15% 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.