Equities Analysts Offer Predictions for Western Alliance Bancorporation’s Q1 2024 Earnings (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Equities research analysts at Wedbush lowered their Q1 2024 EPS estimates for shares of Western Alliance Bancorporation in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $1.53 for the quarter, down from their prior forecast of $1.61. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.90 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.81 EPS, Q4 2024 earnings at $2.33 EPS, Q1 2025 earnings at $2.23 EPS, Q2 2025 earnings at $2.36 EPS, Q3 2025 earnings at $2.46 EPS, Q4 2025 earnings at $2.49 EPS and FY2025 earnings at $9.55 EPS.

Several other analysts also recently commented on the stock. Citigroup raised their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Wells Fargo & Company reissued an “equal weight” rating and issued a $72.00 target price (up from $62.00) on shares of Western Alliance Bancorporation in a research note on Tuesday, January 30th. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. Barclays began 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 for the company. Finally, Truist Financial upped their price objective on shares of Western Alliance Bancorporation from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, December 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $64.22 on Thursday. 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 $7.08 billion, a P/E ratio of 9.82 and a beta of 1.46. The company’s 50 day moving average price is $60.84 and its two-hundred day moving average price is $54.92. Western Alliance Bancorporation has a 52 week low of $11.35 and a 52 week high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.02). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $705.97 million. Western Alliance Bancorporation had a net margin of 16.74% and a return on equity of 16.33%. During the same quarter in the prior year, the business earned $2.67 earnings per share.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Investors of record on Friday, February 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.30%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 22.63%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several large investors have recently added to or reduced their stakes in WAL. Invesco Ltd. lifted its position 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 valued at $59,507,000 after purchasing an additional 815,737 shares during the last quarter. Dark Forest Capital Management LP grew its stake 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. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Western Alliance Bancorporation in the third quarter worth $4,873,000. Barclays PLC grew its stake in Western Alliance Bancorporation by 489.0% in the third quarter. Barclays PLC now owns 1,333,881 shares of the financial services provider’s stock worth $61,320,000 after purchasing an additional 1,107,431 shares during the period. Finally, Nordea Investment Management AB grew its stake in shares of Western Alliance Bancorporation by 23.7% in the fourth quarter. Nordea Investment Management AB now owns 98,083 shares of the financial services provider’s stock worth $6,525,000 after acquiring an additional 18,785 shares during the last quarter. 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 three segments: Commercial, Consumer Related, and Corporate & Other. 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.