Q2 2024 Earnings Estimate for Western Alliance Bancorporation Issued By Wedbush (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Equities research analysts at Wedbush lowered their Q2 2024 earnings per share (EPS) estimates for shares of Western Alliance Bancorporation in a report released on Thursday, May 2nd. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings of $1.65 per share for the quarter, down from their prior forecast of $1.75. Wedbush currently has a “Outperform” rating and a $70.00 target price on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.58 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $2.08 EPS and Q4 2025 earnings at $2.59 EPS.

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 analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The firm had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $711.34 million. During the same period in the previous year, the company earned $2.30 earnings per share.

A number of other research analysts have also recently commented on the company. Hovde Group assumed coverage on Western Alliance Bancorporation in a research report on Monday, April 22nd. They set an “outperform” rating and a $75.00 price target on the stock. JPMorgan Chase & Co. cut their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group lowered 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. Barclays cut their price objective on shares of Western Alliance Bancorporation from $91.00 to $86.00 and set an “overweight” rating for the company in a report on Tuesday, April 23rd. Finally, Truist Financial lowered their target price on shares of Western Alliance Bancorporation from $80.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. One research 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. Based on data from MarketBeat.com, Western Alliance Bancorporation currently has an average rating of “Moderate Buy” and an average price target of $70.56.

Western Alliance Bancorporation Price Performance

Western Alliance Bancorporation stock opened at $61.29 on Friday. The business’s 50 day simple moving average is $59.25 and its 200 day simple moving average is $57.49. Western Alliance Bancorporation has a 12 month low of $11.35 and a 12 month high of $70.23. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 8.93 and a beta of 1.47. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Thursday, May 16th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, May 15th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is currently 21.57%.

Institutional Trading of Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the company. Handelsbanken Fonder AB grew its holdings in shares of Western Alliance Bancorporation by 9.5% during the 3rd 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. Raymond James Financial Services Advisors Inc. increased its position in shares of 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 acquiring an additional 487 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Western Alliance Bancorporation by 2.9% during the third quarter. Bank of New York Mellon Corp now owns 636,814 shares of the financial services provider’s stock valued at $29,274,000 after acquiring an additional 18,178 shares during the last quarter. Jackson Square Capital LLC purchased a new stake in shares of Western Alliance Bancorporation during the third quarter worth about $827,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Western Alliance Bancorporation by 3.5% in the third 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. 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.