FY2024 EPS Estimates for Western Alliance Bancorporation Increased by DA Davidson (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – Stock analysts at DA Davidson lifted their FY2024 earnings per share estimates for shares of Western Alliance Bancorporation in a research report issued to clients and investors 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 estimate of $7.35. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.39 per share.

Other analysts have also issued research reports about the stock. Royal Bank of Canada raised their price target on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Barclays lifted their target price on Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Piper Sandler upped their price target on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Truist Financial lifted their price objective on Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and raised their target price for the company from $83.00 to $101.00 in a research note on Monday. One analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $89.07.

Western Alliance Bancorporation Trading Down 0.2 %

WAL opened at $83.79 on Monday. Western Alliance Bancorporation has a 1-year low of $38.81 and a 1-year high of $88.92. The stock has a market capitalization of $9.22 billion, a PE ratio of 12.21, a PEG ratio of 1.60 and a beta of 1.44. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $80.24 and a two-hundred day moving average price of $69.01.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period last year, the company posted $1.96 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its position in Western Alliance Bancorporation by 166.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 32,349 shares of the financial services provider’s stock worth $2,128,000 after acquiring an additional 20,198 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in Western Alliance Bancorporation in the fourth quarter valued at $14,439,000. Teachers Retirement System of The State of Kentucky increased its stake in Western Alliance Bancorporation by 41.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 30,400 shares of the financial services provider’s stock valued at $2,000,000 after buying an additional 8,833 shares during the last quarter. Virtu Financial LLC bought a new stake in Western Alliance Bancorporation during the 4th quarter worth about $873,000. Finally, Congress Asset Management Co. MA boosted its stake in shares of Western Alliance Bancorporation by 0.6% during the 4th quarter. Congress Asset Management Co. MA now owns 216,832 shares of the financial services provider’s stock worth $14,265,000 after buying an additional 1,270 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the stock in a transaction dated Monday, July 22nd. The stock was 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 directly owns 3,520 shares in the company, valued at $267,344. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Stephen Russell Curley sold 5,070 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $76.43, for a total value of $387,500.10. Following the sale, the insider now directly owns 36,718 shares of the company’s stock, valued at approximately $2,806,356.74. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at approximately $267,344. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by company insiders.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date was Friday, August 16th. Western Alliance Bancorporation’s dividend 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.