Western Alliance Bancorporation (NYSE:WAL) PT Lowered to $70.00

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by Wedbush from $75.00 to $70.00 in a research note published on Friday, Benzinga reports. They currently have 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 brokerages have also recently commented on WAL. StockNews.com cut shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research report on Saturday, March 9th. Citigroup lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a research report on Monday, January 29th. Barclays started coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They issued an overweight rating and a $91.00 target price on the stock. Truist Financial reiterated a buy rating and issued a $80.00 target price on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $71.36.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $57.42 on Friday. Western Alliance Bancorporation has a 52-week low of $11.35 and a 52-week high of $70.23. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company has a market capitalization of $6.33 billion, a P/E ratio of 8.37 and a beta of 1.47. The company has a fifty day moving average of $59.50 and a 200-day moving average of $56.41.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. The company had revenue of $1.18 billion during 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 14.99%. During the same period in the previous year, the firm posted $2.30 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 7.88 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

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

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently modified their holdings of the stock. WCM Investment Management LLC purchased a new stake in Western Alliance Bancorporation in the fourth quarter worth about $12,387,000. Smead Capital Management Inc. purchased a new stake in Western Alliance Bancorporation in the fourth quarter worth about $77,957,000. Invesco Ltd. grew its holdings in Western Alliance Bancorporation by 170.4% in the third quarter. Invesco Ltd. now owns 1,294,476 shares of the financial services provider’s stock worth $59,507,000 after purchasing an additional 815,737 shares during the period. Dark Forest Capital Management LP grew its holdings in Western Alliance Bancorporation by 16.7% in the third quarter. Dark Forest Capital Management LP now owns 11,976 shares of the financial services provider’s stock worth $551,000 after purchasing an additional 1,713 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Western Alliance Bancorporation in the third quarter worth about $4,873,000. Hedge funds and other 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.