Wedbush Trims Western Alliance Bancorporation (NYSE:WAL) Target Price to $70.00

Western Alliance Bancorporation (NYSE:WAL) had its target price reduced by Wedbush from $75.00 to $70.00 in a research note issued to investors on Friday, Benzinga reports. Wedbush currently has an outperform rating on the financial services provider’s stock. Wedbush also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.75 EPS, 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.

A number of other analysts have also issued reports on WAL. StockNews.com lowered Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Saturday, March 9th. Royal Bank of Canada reissued an outperform rating and issued a $78.00 price objective on shares of Western Alliance Bancorporation in a report on Tuesday, April 9th. Truist Financial restated a buy rating and issued a $80.00 target price on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. Wells Fargo & Company decreased their target price on Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday, April 10th. Finally, Citigroup lifted their target price on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a buy rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation presently has a consensus rating of Moderate Buy and a consensus target price of $71.36.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $57.44 on Friday. The business’s fifty day moving average price is $59.50 and its 200 day moving average price is $56.60. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a twelve month low of $11.35 and a twelve month high of $70.23. The stock has a market capitalization of $6.33 billion, a P/E ratio of 8.37 and a beta of 1.47.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data 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 return on equity of 14.99% and a net margin of 16.50%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same period last year, the company posted $2.30 earnings per share. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.87 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 1st. Shareholders of record on Friday, February 16th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend was Thursday, February 15th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC bought a new position in Western Alliance Bancorporation during the 1st quarter valued at $27,000. Oak Thistle LLC acquired a new stake in shares of Western Alliance Bancorporation during the 1st quarter valued at $201,000. GAMMA Investing LLC lifted its position in shares of Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the last quarter. Congress Asset Management Co. MA lifted its position in shares of Western Alliance Bancorporation by 0.6% during the 4th quarter. Congress Asset Management Co. MA now owns 216,832 shares of the financial services provider’s stock valued at $14,265,000 after acquiring an additional 1,270 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Western Alliance Bancorporation in the fourth quarter valued at $873,000. 79.15% of the stock is owned by institutional investors.

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.