Brokers Issue Forecasts for Western Alliance Bancorporation’s Q2 2024 Earnings (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Equities researchers at DA Davidson issued their Q2 2024 EPS estimates for Western Alliance Bancorporation in a research note issued on Tuesday, April 23rd. DA Davidson analyst G. Tenner forecasts that the financial services provider will earn $1.80 per share for the quarter. DA Davidson currently has a “Buy” rating and a $78.00 target price on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.73 per share. DA Davidson also issued estimates for Western Alliance Bancorporation’s FY2024 earnings at $7.50 EPS and FY2025 earnings at $8.60 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 (EPS) for the quarter, topping the consensus estimate of $1.69 by $0.03. The firm 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 14.99%. During the same quarter in the prior year, the firm posted $2.30 earnings per share.

WAL has been the topic of a number of other research reports. Truist Financial lowered their price objective on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday. Stephens restated an “overweight” rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, April 19th. Hovde Group assumed coverage on shares of Western Alliance Bancorporation in a research report on Monday. They issued an “outperform” rating and a $75.00 price target on the stock. Keefe, Bruyette & Woods decreased their price target 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. Finally, Jefferies Financial Group decreased their price target on shares of Western Alliance Bancorporation from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. One investment 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’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Western Alliance Bancorporation Stock Down 1.3 %

Shares of Western Alliance Bancorporation stock opened at $58.58 on Wednesday. The company has a market cap of $6.45 billion, a price-to-earnings ratio of 8.54 and a beta of 1.47. The company’s 50 day moving average is $59.33 and its 200 day moving average is $56.85. Western Alliance Bancorporation has a twelve month low of $11.35 and a twelve month high of $70.23. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 annualized dividend and a yield of 2.53%. Western Alliance Bancorporation’s payout ratio is 21.57%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several institutional investors have recently bought and sold shares of WAL. AE Wealth Management LLC bought a new position in Western Alliance Bancorporation during the third quarter valued at $1,173,000. Impact Partnership Wealth LLC bought a new position in Western Alliance Bancorporation during the third quarter valued at $146,000. Handelsbanken Fonder AB lifted its position in Western Alliance Bancorporation by 9.5% during the third quarter. Handelsbanken Fonder AB now owns 17,360 shares of the financial services provider’s stock valued at $798,000 after purchasing an additional 1,500 shares during the last quarter. Peregrine Capital Management LLC bought a new position in Western Alliance Bancorporation during the third quarter valued at $9,941,000. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Western Alliance Bancorporation by 5.8% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,880 shares of the financial services provider’s stock valued at $408,000 after purchasing an additional 487 shares during the last quarter. 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.