DA Davidson Equities Analysts Raise Earnings Estimates for Western Alliance Bancorporation (NYSE:WAL)

Western Alliance Bancorporation (NYSE:WAL) – DA Davidson lifted their Q3 2024 EPS estimates for Western Alliance Bancorporation in a research note issued to investors on Thursday, October 3rd. DA Davidson analyst G. Tenner now forecasts that the financial services provider will post earnings per share of $1.89 for the quarter, up from their prior forecast of $1.84. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $7.39 per share. DA Davidson also issued estimates for Western Alliance Bancorporation’s FY2025 earnings at $9.03 EPS.

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

A number of other brokerages also recently commented on WAL. Barclays boosted their price objective on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Piper Sandler raised their price objective on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Truist Financial boosted their target price on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, Bank of America raised their price target on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $87.87.

Western Alliance Bancorporation Stock Performance

Shares of WAL stock opened at $84.41 on Friday. The firm has a 50 day moving average of $80.16 and a two-hundred day moving average of $68.82. The stock has a market capitalization of $9.29 billion, a PE ratio of 12.30, a P/E/G ratio of 1.57 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. Western Alliance Bancorporation has a 52 week low of $38.81 and a 52 week high of $88.92.

Institutional Trading of Western Alliance Bancorporation

Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new stake in shares of Western Alliance Bancorporation during the first quarter worth $27,000. GAMMA Investing LLC boosted its holdings in shares of Western Alliance Bancorporation by 57.4% in the 1st 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 last quarter. ORG Partners LLC purchased a new stake in shares of Western Alliance Bancorporation during the 2nd quarter valued at $36,000. Chilton Capital Management LLC acquired a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth $54,000. Finally, Versant Capital Management Inc increased its stake in Western Alliance Bancorporation by 26.5% during the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Insider Activity

In other news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’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 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 $267,344. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the transaction, the insider now directly owns 7,977 shares in the company, valued at approximately $650,843.43. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction dated 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 owns 3,520 shares of the company’s stock, valued at approximately $267,344. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,265 shares of company stock worth $1,700,391 over the last 90 days. 2.75% of the stock is currently owned by corporate 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 paid a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s payout ratio is currently 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.