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

Western Alliance Bancorporation (NYSE:WAL) – Wedbush dropped their Q1 2024 earnings per share estimates for shares of Western Alliance Bancorporation in a research report issued to clients and investors on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings of $1.53 per share for the quarter, down from their prior estimate 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.

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

A number of other research analysts also recently commented on the company. DA Davidson restated a “buy” rating and issued a $85.00 target price on shares of Western Alliance Bancorporation in a research note on Thursday, March 21st. Royal Bank of Canada upped their price target on Western Alliance Bancorporation from $74.00 to $78.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Barclays initiated coverage on Western Alliance Bancorporation in a research note on Friday, March 8th. They set an “overweight” rating and a $91.00 target price for the company. Citigroup increased their target price on Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a “buy” rating in a report on Monday, January 29th. Finally, StockNews.com lowered Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, March 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.59.

Western Alliance Bancorporation Stock Up 4.4 %

Shares of Western Alliance Bancorporation stock opened at $64.22 on Thursday. The stock’s fifty day moving average is $60.84 and its 200-day moving average is $54.92. The firm has a market capitalization of $7.08 billion, a PE ratio of 9.82 and a beta of 1.46. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.40. Western Alliance Bancorporation has a 12-month low of $11.35 and a 12-month high of $70.23.

Western Alliance Bancorporation Announces Dividend

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Harbour Investments Inc. grew its holdings in Western Alliance Bancorporation by 400.7% during the 1st quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 557 shares during the period. Loomis Sayles & Co. L P acquired a new stake in shares of Western Alliance Bancorporation in the 1st quarter valued at about $64,000. Lazard Asset Management LLC bought a new position in Western Alliance Bancorporation in the 2nd quarter valued at about $28,000. State of Wyoming lifted its position in Western Alliance Bancorporation by 54.7% in the 2nd quarter. State of Wyoming now owns 783 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 277 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Western Alliance Bancorporation by 436.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 800 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 651 shares in the last quarter. 79.15% of the stock is owned by institutional investors.

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 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.