Western Alliance Bancorporation (NYSE:WAL) Price Target Lowered to $70.00 at Wedbush

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by Wedbush from $75.00 to $70.00 in a research report released on Friday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock. Wedbush also issued estimates for Western Alliance Bancorporation’s Q2 2024 earnings at $1.75 EPS, FY2024 earnings at $7.73 EPS, Q3 2025 earnings at $2.53 EPS, Q4 2025 earnings at $2.57 EPS and FY2025 earnings at $9.65 EPS.

Several other equities research analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating for the company in a research note on Thursday, April 4th. Citigroup boosted their price objective 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. Royal Bank of Canada restated an outperform rating and set a $78.00 price objective on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. Truist Financial restated a buy rating and set a $80.00 price objective on shares of Western Alliance Bancorporation in a research report on Monday, April 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating for the company in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Western Alliance Bancorporation currently has an average rating of Moderate Buy and a consensus target price of $71.36.

Western Alliance Bancorporation Trading Up 3.0 %

Shares of WAL stock opened at $57.42 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40. The stock has a market cap of $6.33 billion, a P/E ratio of 8.37 and a beta of 1.47. The stock has a 50 day simple moving average of $59.50 and a 200 day simple moving average of $56.41. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.03. The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $711.34 million. Western Alliance Bancorporation had a return on equity of 14.99% and a net margin of 16.50%. During the same period in the previous year, the company posted $2.30 earnings per share. On average, research analysts predict that Western Alliance Bancorporation will post 7.88 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The business 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. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $1.48 dividend on an annualized basis and a yield of 2.58%. Western Alliance Bancorporation’s payout ratio is 21.57%.

Institutional Trading of Western Alliance Bancorporation

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harbour Investments Inc. increased its holdings in Western Alliance Bancorporation by 400.7% in the first quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 557 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in Western Alliance Bancorporation in the first quarter valued at $27,000. Lazard Asset Management LLC bought a new stake in Western Alliance Bancorporation during the second quarter valued at $28,000. State of Wyoming boosted its position in Western Alliance Bancorporation by 54.7% during the second 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 during the last quarter. Finally, GAMMA Investing LLC boosted its position in Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 183 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

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.