Q3 2024 EPS Estimates for Western Alliance Bancorporation Raised by Wedbush (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL - Free Report) - Equities researchers at Wedbush raised their Q3 2024 EPS estimates for shares of Western Alliance Bancorporation in a research note issued on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $2.13 for the quarter, up from their prior estimate of $2.09. The consensus estimate for Western Alliance Bancorporation's current full-year earnings is $7.90 per share.

Other equities research analysts have also recently issued reports about the company. Truist Financial upped their price target on Western Alliance Bancorporation from $60.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, December 15th. DA Davidson reissued a "buy" rating and issued a $85.00 price target on shares of Western Alliance Bancorporation in a report on Thursday, March 21st. Citigroup boosted their price target on shares of 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 reissued an "equal weight" rating and set a $72.00 price objective (up previously from $62.00) on shares of Western Alliance Bancorporation in a research note on Tuesday, January 30th. Finally, Barclays began coverage on Western Alliance Bancorporation in a report on Friday, March 8th. They issued an "overweight" rating and a $91.00 price target on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $63.59.

Western Alliance Bancorporation Stock Performance

Shares of NYSE WAL traded down $0.03 during mid-day trading on Friday, hitting $64.19. The company had a trading volume of 1,016,138 shares, compared to its average volume of 1,511,562. The stock's 50-day moving average price is $60.91 and its 200-day moving average price is $55.05. The company has a market capitalization of $7.07 billion, a price-to-earnings ratio of 9.81 and a beta of 1.46. 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 has a 1 year low of $11.35 and a 1 year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced its quarterly earnings data on Friday, January 26th. The financial services provider reported $1.91 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.02). Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. The firm had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $705.97 million. During the same period last year, the business posted $2.67 EPS.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, February 15th. Western Alliance Bancorporation's dividend payout ratio is presently 22.63%.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Advisor Networks LLC raised its position in shares of Western Alliance Bancorporation by 5.2% during the 1st quarter. Cetera Advisor Networks LLC now owns 4,984 shares of the financial services provider's stock valued at $413,000 after buying an additional 247 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Western Alliance Bancorporation in the first quarter worth $504,000. MetLife Investment Management LLC purchased a new position in Western Alliance Bancorporation during the first quarter worth $374,000. Dimensional Fund Advisors LP increased its position in Western Alliance Bancorporation by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,071,776 shares of the financial services provider's stock valued at $88,776,000 after acquiring an additional 4,468 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Western Alliance Bancorporation by 13.8% in the 1st quarter. Sei Investments Co. now owns 126,197 shares of the financial services provider's stock valued at $10,440,000 after purchasing an additional 15,297 shares in the last quarter. 79.15% of the stock is currently owned by 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.