Wedbush Comments on Western Alliance Bancorporation’s Q2 2024 Earnings (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Research analysts at Wedbush dropped their Q2 2024 EPS estimates for shares of Western Alliance Bancorporation in a report issued on Friday, April 19th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $1.75 for the quarter, down from their prior estimate 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.

Western Alliance Bancorporation (NYSE:WAL) last released 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 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 prior year, the business earned $2.30 earnings per share.

A number of other analysts have also recently commented on the company. Keefe, Bruyette & Woods dropped their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research report on Monday. JPMorgan Chase & Co. cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. DA Davidson decreased their target price on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Finally, Jefferies Financial Group decreased their price target on 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. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.88.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $58.71 on Monday. Western Alliance Bancorporation has a fifty-two week low of $11.35 and a fifty-two week high of $70.23. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of 8.56 and a beta of 1.47. The stock has a fifty day moving average of $59.41 and a two-hundred day moving average of $56.71. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared 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. This represents a $1.48 annualized dividend and a yield of 2.52%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. WCM Investment Management LLC acquired a new stake in Western Alliance Bancorporation during the 4th quarter valued at approximately $12,387,000. Smead Capital Management Inc. bought a new position in Western Alliance Bancorporation in the fourth quarter worth about $77,957,000. Strs Ohio lifted its holdings in shares of Western Alliance Bancorporation by 35.3% in the 4th quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock worth $5,697,000 after purchasing an additional 22,600 shares during the last quarter. Invesco Ltd. grew its stake in Western Alliance Bancorporation by 170.4% during the 3rd quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock worth $59,507,000 after buying an additional 815,737 shares during the last quarter. Finally, Dark Forest Capital Management LP increased its position in Western Alliance Bancorporation by 16.7% in the third quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock worth $551,000 after buying an additional 1,713 shares during the period. 79.15% of the stock is owned by institutional investors and hedge funds.

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.