Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $105.00

Western Alliance Bancorporation (NYSE:WAL) had its price target increased by Wedbush from $90.00 to $105.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $1.85 EPS, FY2024 earnings at $7.35 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $2.13 EPS, Q3 2025 earnings at $2.26 EPS, Q4 2025 earnings at $2.27 EPS, FY2025 earnings at $8.60 EPS and FY2026 earnings at $8.80 EPS.

Several other brokerages have also issued reports on WAL. Barclays raised their target price on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Royal Bank of Canada lifted their target price on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an outperform rating in a report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft increased their price target on Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a hold rating in a research note on Tuesday, July 23rd. Jefferies Financial Group lifted their price objective on Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. increased their target price on Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an overweight rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $87.40.

Western Alliance Bancorporation Stock Performance

WAL stock opened at $85.59 on Tuesday. The company has a 50 day moving average price of $79.43 and a 200 day moving average price of $67.66. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85. The stock has a market capitalization of $9.42 billion, a PE ratio of 12.48, a price-to-earnings-growth ratio of 1.61 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The firm’s quarterly revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.96 earnings per share. Analysts forecast that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a $1.48 dividend on an annualized basis and a yield of 1.73%. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insiders Place Their Bets

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total transaction of $160,710.20. Following the completion of the sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares in the company, valued at $2,806,356.74. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,265 shares of company stock worth $1,700,391. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of large investors have recently bought and sold shares of WAL. Russell Investments Group Ltd. lifted its position in shares of Western Alliance Bancorporation by 0.6% in the first quarter. Russell Investments Group Ltd. now owns 29,768 shares of the financial services provider’s stock worth $1,911,000 after purchasing an additional 164 shares in the last quarter. GAMMA Investing LLC lifted its position in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after buying an additional 244 shares during the last quarter. Riverwater Partners LLC boosted its stake in shares of Western Alliance Bancorporation by 1.0% during the 1st quarter. Riverwater Partners LLC now owns 29,467 shares of the financial services provider’s stock worth $1,891,000 after buying an additional 287 shares during the last quarter. Finally, Madison Asset Management LLC grew its holdings in shares of Western Alliance Bancorporation by 0.4% in the 4th quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after acquiring an additional 297 shares in the last quarter. Institutional investors and hedge funds 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.