Western Alliance Bancorporation (NYSE:WAL) Stock Rating Reaffirmed by Wedbush

Western Alliance Bancorporation (NYSE:WAL)‘s stock had its “outperform” rating reaffirmed by stock analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $70.00 target price on the financial services provider’s stock. Wedbush’s price objective suggests a potential upside of 12.85% from the stock’s current price. Wedbush also issued estimates for Western Alliance Bancorporation’s Q4 2024 earnings at $2.34 EPS, FY2024 earnings at $7.80 EPS, Q1 2025 earnings at $2.22 EPS, Q2 2025 earnings at $2.36 EPS and Q3 2025 earnings at $2.47 EPS.

Several other equities analysts have also recently commented 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 for the company in a research report on Monday, April 22nd. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Thursday, April 4th. Citigroup increased their price target on Western Alliance Bancorporation from $76.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, January 29th. Wells Fargo & Company lowered their price objective on Western Alliance Bancorporation from $72.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 10th. Finally, Hovde Group began coverage on shares of Western Alliance Bancorporation in a report on Monday, April 22nd. They issued an “outperform” rating and a $75.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and a consensus price target of $70.56.

Western Alliance Bancorporation Trading Down 0.2 %

Shares of WAL traded down $0.14 during midday trading on Wednesday, hitting $62.03. 35,762 shares of the stock were exchanged, compared to its average volume of 1,379,645. Western Alliance Bancorporation has a 52-week low of $25.21 and a 52-week high of $70.23. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.87 and a current ratio of 0.90. The stock has a fifty day simple moving average of $59.41 and a 200 day simple moving average of $57.82. The firm has a market cap of $6.83 billion, a P/E ratio of 9.03 and a beta of 1.47.

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, beating the consensus estimate 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 return on equity of 14.77% and a net margin of 16.50%. During the same period in the previous year, the company posted $2.30 EPS. On average, research analysts anticipate that Western Alliance Bancorporation will post 7.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its holdings in Western Alliance Bancorporation by 5.8% in 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 buying an additional 487 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Western Alliance Bancorporation by 2.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 636,814 shares of the financial services provider’s stock worth $29,274,000 after purchasing an additional 18,178 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Western Alliance Bancorporation by 3.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,498 shares of the financial services provider’s stock worth $988,000 after purchasing an additional 724 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Western Alliance Bancorporation in the 3rd quarter valued at approximately $379,000. Finally, Strs Ohio acquired a new stake in Western Alliance Bancorporation during the 3rd quarter valued at $2,942,000. 79.15% of the stock is owned by hedge funds and other 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.