Wedbush Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $105.00

by · The Markets Daily

Western Alliance Bancorporation (NYSE:WAL – Free Report) had its target price boosted by Wedbush from $90.00 to $105.00 in a report issued on Tuesday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2024 earnings at $1.85 EPS, FY2024 earnings at $7.35 EPS, Q1 2025 earnings at $1.94 EPS, Q2 2025 earnings at $2.13 EPS, Q3 2025 earnings at $2.26 EPS, Q4 2025 earnings at $2.27 EPS, FY2025 earnings at $8.60 EPS and FY2026 earnings at $8.80 EPS.

Several other analysts have also recently commented on WAL. Wells Fargo & Company raised their price target on shares of Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an equal weight rating in a report on Monday, July 22nd. JPMorgan Chase & Co. boosted their price target on shares of Western Alliance Bancorporation from $80.00 to $100.00 and gave the company an overweight rating in a report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on Western Alliance Bancorporation from $62.00 to $83.00 and gave the stock a hold rating in a report on Tuesday, July 23rd. Truist Financial boosted their target price on Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a buy rating in a research note on Friday, September 20th. Finally, Royal Bank of Canada raised their price target on Western Alliance Bancorporation from $78.00 to $87.00 and gave the stock an outperform rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $87.40.

View Our Latest Analysis on Western Alliance Bancorporation

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock opened at $85.36 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.88 and a quick ratio of 0.85. The company has a market cap of $9.40 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.61 and a beta of 1.44. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The firm’s 50 day simple moving average is $79.15 and its 200-day simple moving average is $67.53.

Western Alliance Bancorporation (NYSE:WAL – Get Free Report) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating 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 firm had revenue of $771.80 million for the quarter, compared to analyst estimates of $737.97 million. During the same period in the previous year, the firm earned $1.96 earnings per share. Western Alliance Bancorporation’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, equities research analysts predict that Western Alliance Bancorporation will post 7.4 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 30th. Stockholders 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 1.73%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio is 21.57%.

Insider Transactions at Western Alliance Bancorporation

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of Western Alliance Bancorporation stock in a transaction 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 transaction, the chief accounting officer now owns 3,520 shares in the company, valued at approximately $267,344. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Barbara Kennedy sold 11,083 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at $650,843.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the business’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 transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,265 shares of company stock worth $1,700,391. 2.75% of the stock is owned by insiders.

Institutional Trading of Western Alliance Bancorporation

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $221,000. LHM Inc. raised its holdings in Western Alliance Bancorporation by 55.4% in the 2nd quarter. LHM Inc. now owns 52,554 shares of the financial services provider’s stock valued at $3,301,000 after acquiring an additional 18,740 shares in the last quarter. Creative Planning lifted its position in shares of Western Alliance Bancorporation by 6.1% in the 2nd quarter. Creative Planning now owns 5,756 shares of the financial services provider’s stock worth $362,000 after acquiring an additional 330 shares during the period. Algert Global LLC grew its holdings in shares of Western Alliance Bancorporation by 18.8% during the 2nd quarter. Algert Global LLC now owns 145,540 shares of the financial services provider’s stock worth $9,143,000 after purchasing an additional 22,989 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Western Alliance Bancorporation by 0.9% during the second quarter. The Manufacturers Life Insurance Company now owns 523,425 shares of the financial services provider’s stock valued at $32,882,000 after purchasing an additional 4,801 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

(Get Free Report)

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.

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