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

Western Alliance Bancorporation (NYSE:WAL - Free Report) - Investment analysts at Wedbush dropped their Q2 2024 EPS estimates for Western Alliance Bancorporation in a research note issued to investors on Wednesday, May 8th. Wedbush analyst D. Chiaverini now expects that the financial services provider will post earnings per share of $1.64 for the quarter, down from their previous estimate of $1.65. 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 $7.57 per share. Wedbush also issued estimates for Western Alliance Bancorporation's Q3 2024 earnings at $1.94 EPS, FY2024 earnings at $7.45 EPS and Q3 2025 earnings at $2.39 EPS.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Friday, April 19th. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.69 by $0.03. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $2.30 earnings per share.

A number of other equities analysts also recently commented on the company. DA Davidson lowered their price objective on Western Alliance Bancorporation from $85.00 to $78.00 and set a "buy" rating for the company in a research report on Monday, April 22nd. StockNews.com lowered shares of Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a report on Saturday, March 9th. Citigroup boosted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a "buy" rating in a research note on Monday, January 29th. Hovde Group assumed coverage on Western Alliance Bancorporation in a research note on Monday, April 22nd. They issued an "outperform" rating and a $75.00 price target on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on 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. One research 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. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $70.56.

Western Alliance Bancorporation Stock Down 0.0 %

NYSE WAL traded down $0.01 during trading hours on Friday, hitting $63.69. 735,433 shares of the company were exchanged, compared to its average volume of 1,096,795. The company has a 50 day moving average of $59.79 and a two-hundred day moving average of $58.05. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The firm has a market cap of $7.01 billion, a price-to-earnings ratio of 9.28 and a beta of 1.47. Western Alliance Bancorporation has a 52-week low of $25.62 and a 52-week high of $70.23.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds have recently bought and sold shares of WAL. Allspring Global Investments Holdings LLC purchased a new stake in Western Alliance Bancorporation during the 1st quarter worth about $27,000. GAMMA Investing LLC grew its position in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 183 shares during the period. Parkside Financial Bank & Trust increased its stake in Western Alliance Bancorporation by 422.2% in the third quarter. Parkside Financial Bank & Trust now owns 940 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 760 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in Western Alliance Bancorporation in the 4th quarter worth about $65,000. Finally, Fortitude Family Office LLC acquired a new position in shares of Western Alliance Bancorporation during the 4th quarter valued at about $93,000. Hedge funds and other institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Thursday, May 16th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date is Wednesday, May 15th. Western Alliance Bancorporation's payout ratio is currently 21.57%.

About Western Alliance Bancorporation

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.