Western Alliance Bancorporation Expected to Post FY2024 Earnings of $7.38 Per Share (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Analysts at DA Davidson increased their FY2024 earnings estimates for Western Alliance Bancorporation in a report issued on Thursday, October 3rd. DA Davidson analyst G. Tenner now expects that the financial services provider will post earnings of $7.38 per share for the year, up from their previous forecast of $7.35. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.39 per share.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The business had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter in the previous year, the firm earned $1.96 earnings per share. The business’s revenue was up 15.3% on a year-over-year basis.

A number of other equities analysts have also recently issued reports on WAL. Wedbush upped their price objective on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. StockNews.com cut Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 13th. Deutsche Bank Aktiengesellschaft increased their target price on Western Alliance Bancorporation from $62.00 to $83.00 and gave the company a “hold” rating in a report on Tuesday, July 23rd. Royal Bank of Canada increased their target price on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Western Alliance Bancorporation from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.87.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $84.41 on Monday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85. Western Alliance Bancorporation has a 1 year low of $38.81 and a 1 year high of $88.92. The firm has a market cap of $9.29 billion, a PE ratio of 12.30, a PEG ratio of 1.57 and a beta of 1.44. The stock’s fifty day moving average price is $80.16 and its two-hundred day moving average price is $68.87.

Institutional Trading of Western Alliance Bancorporation

A number of large investors have recently modified their holdings of WAL. Cincinnati Insurance Co. purchased a new stake in shares of Western Alliance Bancorporation in the first quarter valued at approximately $46,538,000. LHM Inc. boosted its holdings in shares of Western Alliance Bancorporation by 2,141.1% in the second quarter. LHM Inc. now owns 757,809 shares of the financial services provider’s stock valued at $47,606,000 after purchasing an additional 723,995 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Western Alliance Bancorporation by 16.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after purchasing an additional 717,242 shares during the period. Dimensional Fund Advisors LP raised its stake in Western Alliance Bancorporation by 20.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after buying an additional 636,577 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Western Alliance Bancorporation by 3.9% in the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after buying an additional 395,101 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company’s stock.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.95, for a total transaction of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the completion of the transaction, the insider now owns 7,977 shares in the company, valued at $650,843.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the completion of the sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at $267,344. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is currently owned by insiders.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.48 annualized dividend and a dividend yield of 1.75%. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 21.57%.

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.