Western Alliance Bancorporation (NYSE:WAL) Rating Reiterated by Wedbush

Western Alliance Bancorporation (NYSE:WAL)‘s stock had its “outperform” rating restated by equities researchers at Wedbush in a research report issued on Wednesday, Benzinga reports. They currently have a $70.00 price target on the financial services provider’s stock. Wedbush’s target price would indicate a potential upside of 9.86% from the stock’s previous close. Wedbush also issued estimates for Western Alliance Bancorporation’s Q4 2024 earnings at $2.34 EPS, FY2024 earnings at $7.80 EPS, Q1 2025 earnings at $2.22 EPS, Q2 2025 earnings at $2.36 EPS and Q3 2025 earnings at $2.47 EPS.

A number of other analysts also recently issued reports on the company. 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 note on Tuesday, April 23rd. Hovde Group began coverage on shares of Western Alliance Bancorporation in a research report on Monday, April 22nd. They set an “outperform” rating and a $75.00 price objective for the company. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Saturday, March 9th. Truist Financial cut their price target on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Jefferies Financial Group decreased their price objective on Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus target price of $70.56.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $63.72 on Wednesday. The company has a market cap of $7.02 billion, a P/E ratio of 9.29 and a beta of 1.47. Western Alliance Bancorporation has a twelve month low of $25.62 and a twelve month high of $70.23. The company’s 50-day moving average price is $59.64 and its 200-day moving average price is $57.90. The company has a current ratio of 0.90, a quick ratio of 0.87 and a debt-to-equity ratio of 1.21.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.77%. During the same period last year, the company posted $2.30 EPS. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 7.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. raised its stake in shares of Western Alliance Bancorporation by 5.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,880 shares of the financial services provider’s stock valued at $408,000 after acquiring an additional 487 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Western Alliance Bancorporation by 2.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 636,814 shares of the financial services provider’s stock valued at $29,274,000 after buying an additional 18,178 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Western Alliance Bancorporation by 3.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,498 shares of the financial services provider’s stock worth $988,000 after buying an additional 724 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Western Alliance Bancorporation during the third quarter worth approximately $379,000. Finally, Strs Ohio acquired a new stake in Western Alliance Bancorporation in the third quarter valued at approximately $2,942,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

About Western Alliance Bancorporation

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.