Q3 2024 Earnings Estimate for Western Alliance Bancorporation (NYSE:WAL) Issued By Wedbush

Western Alliance Bancorporation (NYSE:WAL) – Equities research analysts at Wedbush increased their Q3 2024 earnings estimates for Western Alliance Bancorporation in a research report issued to clients and investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will earn $2.13 per share for the quarter, up from their previous forecast of $2.09. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.90 per share.

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

Other equities analysts have also issued research reports about the stock. DA Davidson reiterated a “buy” rating and issued a $85.00 target price on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Barclays started coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They set an “overweight” rating and a $91.00 price objective for the company. StockNews.com lowered shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Truist Financial raised their price objective on shares of Western Alliance Bancorporation from $60.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, December 15th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $72.00 price objective (up from $62.00) on shares of Western Alliance Bancorporation in a research note on Tuesday, January 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.59.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $64.19 on Friday. The firm has a 50-day moving average price of $60.90 and a 200 day moving average price of $55.16. The firm has a market capitalization of $7.07 billion, a PE ratio of 9.81 and a beta of 1.46. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23.

Western Alliance Bancorporation Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 22.63%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Guggenheim Capital LLC raised its position in Western Alliance Bancorporation by 3.2% during the first quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock valued at $400,000 after acquiring an additional 151 shares in the last quarter. Utah Retirement Systems grew its holdings in Western Alliance Bancorporation by 1.1% during the first quarter. Utah Retirement Systems now owns 18,511 shares of the financial services provider’s stock valued at $1,534,000 after purchasing an additional 200 shares during the last quarter. Riverwater Partners LLC grew its holdings in Western Alliance Bancorporation by 0.7% during the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after purchasing an additional 211 shares during the last quarter. Harbour Investments Inc. grew its holdings in Western Alliance Bancorporation by 33.8% during the second quarter. Harbour Investments Inc. now owns 931 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 235 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in Western Alliance Bancorporation by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after purchasing an additional 240 shares during the last quarter. 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.