Q2 2024 EPS Estimates for Western Alliance Bancorporation Reduced by Wedbush (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Stock analysts at Wedbush lowered their Q2 2024 earnings per share (EPS) estimates for Western Alliance Bancorporation in a research note issued to investors on Friday, April 19th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.75 for the quarter, down from their previous 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 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 firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. During the same quarter last year, the company earned $2.30 earnings per share.

WAL has been the subject of several other reports. Truist Financial lowered their price objective on Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Monday. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research note on Saturday, March 9th. Keefe, Bruyette & Woods dropped their price objective on Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating on the stock in a report on Monday. JPMorgan Chase & Co. dropped their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Finally, Wells Fargo & Company decreased 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 analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $59.81 on Monday. Western Alliance Bancorporation has a 12 month low of $11.35 and a 12 month high of $70.23. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. The company has a market cap of $6.59 billion, a P/E ratio of 8.72 and a beta of 1.47. The firm has a fifty day moving average price of $59.43 and a 200 day moving average price of $56.82.

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 $0.37 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a yield of 2.47%. 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 modified their holdings of WAL. Allspring Global Investments Holdings LLC purchased a new position in Western Alliance Bancorporation in the first quarter worth $27,000. GAMMA Investing LLC increased its holdings 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 buying an additional 183 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of 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 valued at $43,000 after acquiring an additional 760 shares during the period. Rakuten Securities Inc. acquired a new stake in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $65,000. Finally, Fortitude Family Office LLC purchased a new position in Western Alliance Bancorporation in the 4th quarter valued at approximately $93,000. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.