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

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by Wedbush from $75.00 to $70.00 in a report issued on Friday morning, Benzinga reports. Wedbush currently has 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.

A number of other equities analysts have also issued reports on WAL. Royal Bank of Canada reaffirmed an outperform rating and set a $78.00 target price on shares of Western Alliance Bancorporation in a research report on Tuesday, April 9th. JPMorgan Chase & Co. dropped their target price on shares of Western Alliance Bancorporation from $90.00 to $85.00 and set an overweight rating on the stock in a research report on Thursday, April 4th. Citigroup boosted their target price on shares of Western Alliance Bancorporation from $76.00 to $82.00 and gave the stock a buy rating in a research report on Monday, January 29th. Wells Fargo & Company decreased their price target on shares of Western Alliance Bancorporation from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Wednesday, April 10th. Finally, Truist Financial reiterated a buy rating and set a $80.00 price target on shares of Western Alliance Bancorporation in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation currently has a consensus rating of Moderate Buy and a consensus target price of $70.88.

Western Alliance Bancorporation Trading Up 2.2 %

Shares of WAL stock opened at $58.71 on Friday. Western Alliance Bancorporation has a 1 year low of $11.35 and a 1 year high of $70.23. The firm’s fifty day simple moving average is $59.41 and its 200 day simple moving average is $56.71. The firm has a market capitalization of $6.47 billion, a P/E ratio of 8.56 and a beta of 1.47. The company has a current ratio of 0.96, a quick ratio of 0.93 and a debt-to-equity ratio of 1.40.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Friday, April 19th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.03. Western Alliance Bancorporation had a net margin of 16.50% and a return on equity of 14.99%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $711.34 million. During the same quarter in the previous year, the firm posted $2.30 earnings per share. As a group, sell-side analysts predict that Western Alliance Bancorporation will post 7.87 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Friday, February 16th were paid a $0.37 dividend. The ex-dividend date was Thursday, February 15th. This represents a $1.48 annualized dividend and a dividend yield of 2.52%. Western Alliance Bancorporation’s dividend payout ratio is presently 21.57%.

Institutional Investors Weigh In On Western Alliance Bancorporation

Several institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Western Alliance Bancorporation by 57.4% in the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock valued at $32,000 after buying an additional 183 shares during the last quarter. Riverwater Partners LLC raised its holdings in shares of Western Alliance Bancorporation by 0.7% in the fourth quarter. Riverwater Partners LLC now owns 29,180 shares of the financial services provider’s stock valued at $1,920,000 after buying an additional 211 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in shares of Western Alliance Bancorporation by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 47,472 shares of the financial services provider’s stock valued at $2,182,000 after buying an additional 240 shares during the last quarter. Madison Asset Management LLC raised its holdings in shares of Western Alliance Bancorporation by 0.4% in the fourth quarter. Madison Asset Management LLC now owns 75,371 shares of the financial services provider’s stock valued at $4,959,000 after buying an additional 297 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its holdings in shares of Western Alliance Bancorporation by 2.7% in the fourth quarter. Peapack Gladstone Financial Corp now owns 11,373 shares of the financial services provider’s stock valued at $749,000 after buying an additional 303 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.