Q2 2024 Earnings Estimate for Western Alliance Bancorporation (NYSE:WAL) Issued By Wedbush

Western Alliance Bancorporation (NYSE:WAL) – Analysts at Wedbush cut their Q2 2024 EPS estimates for Western Alliance Bancorporation in a note issued to investors on Monday, June 24th. Wedbush analyst D. Chiaverini now anticipates that the financial services provider will post earnings per share of $1.62 for the quarter, down from their previous forecast of $1.64. 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 $7.44 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $1.92 EPS, Q4 2024 earnings at $2.13 EPS, FY2024 earnings at $7.40 EPS and Q2 2025 earnings at $2.21 EPS.

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 the consensus estimate of $1.69 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate 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 firm posted $2.30 earnings per share.

WAL has been the topic of a number of other reports. StockNews.com raised shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research report on Friday, June 21st. DA Davidson lowered their price objective 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, April 22nd. Royal Bank of Canada lowered their price objective on shares of Western Alliance Bancorporation from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. Keefe, Bruyette & Woods lowered their price objective on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $72.47.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $60.75 on Wednesday. The company’s 50 day moving average price is $60.77 and its 200 day moving average price is $61.29. Western Alliance Bancorporation has a 52 week low of $35.15 and a 52 week high of $70.23. The company has a market capitalization of $6.69 billion, a PE ratio of 8.86, a PEG ratio of 1.14 and a beta of 1.46. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90.

Hedge Funds Weigh In On Western Alliance Bancorporation

Large investors have recently bought and sold shares of the stock. WCM Investment Management LLC acquired a new position in Western Alliance Bancorporation during the 4th quarter valued at $12,387,000. Smead Capital Management Inc. acquired a new position in Western Alliance Bancorporation during the 4th quarter valued at $77,957,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Western Alliance Bancorporation during the 4th quarter valued at $917,000. Strs Ohio increased its holdings in Western Alliance Bancorporation by 35.3% in the 4th quarter. Strs Ohio now owns 86,600 shares of the financial services provider’s stock valued at $5,697,000 after buying an additional 22,600 shares during the period. Finally, Dark Forest Capital Management LP increased its holdings in Western Alliance Bancorporation by 16.7% in the 3rd quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock valued at $551,000 after buying an additional 1,713 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the business’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $64.20, for a total value of $64,200.00. Following the completion of the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.75% of the stock is owned by corporate insiders.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

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.