Western Alliance Bancorporation (NYSE:WAL) Expected to Earn Q2 2023 Earnings of $2.00 Per Share

Posted by on Apr 24th, 2023

Western Alliance Bancorporation (NYSE:WAL – Get Rating) – Equities researchers at Wedbush boosted their Q2 2023 earnings per share (EPS) estimates for Western Alliance Bancorporation in a research report issued to clients and investors on Thursday, April 20th. Wedbush analyst D. Chiaverini now forecasts that the financial services provider will post earnings per share of $2.00 for the quarter, up from their previous forecast of $1.97. Wedbush currently has a “Outperform” rating and a $50.00 target price on the stock. The consensus estimate for Western Alliance Bancorporation’s current full-year earnings is $8.40 per share. Wedbush also issued estimates for Western Alliance Bancorporation’s Q3 2023 earnings at $2.06 EPS, Q4 2023 earnings at $1.99 EPS, FY2023 earnings at $7.34 EPS, Q1 2024 earnings at $1.97 EPS and Q2 2024 earnings at $2.11 EPS.

Several other research analysts also recently commented on the company. Keefe, Bruyette & Woods reduced their target price on Western Alliance Bancorporation from $85.00 to $60.00 and set an “outperform” rating on the stock in a report on Thursday, April 6th. StockNews.com cut shares of Western Alliance Bancorporation from a “hold” rating to a “sell” rating in a research report on Wednesday, April 12th. Hovde Group lowered their price objective on shares of Western Alliance Bancorporation from $65.00 to $55.00 in a research report on Thursday, April 6th. Royal Bank of Canada upped their price objective on shares of Western Alliance Bancorporation from $55.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, TheStreet cut Western Alliance Bancorporation from a “b-” rating to a “c+” rating in a report on Thursday, April 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.96.

Western Alliance Bancorporation Trading Up 2.6 %

Shares of WAL opened at $40.59 on Monday. Western Alliance Bancorporation has a 12-month low of $7.46 and a 12-month high of $86.87. The company has a quick ratio of 0.98, a current ratio of 1.00 and a debt-to-equity ratio of 1.42. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 4.63, a P/E/G ratio of 0.47 and a beta of 1.36. The stock’s 50-day moving average price is $48.79 and its 200 day moving average price is $59.86.

Western Alliance Bancorporation (NYSE:WAL – Get Rating) last released its quarterly earnings data on Wednesday, April 19th. The financial services provider reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.31 by ($0.01). The firm had revenue of $910.90 million for the quarter, compared to analyst estimates of $648.39 million. Western Alliance Bancorporation had a net margin of 28.75% and a return on equity of 22.19%. During the same period in the previous year, the business posted $2.22 EPS.

Western Alliance Bancorporation Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 3rd. Shareholders of record on Friday, February 17th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 16th. This represents a $1.44 annualized dividend and a yield of 3.55%. Western Alliance Bancorporation’s dividend payout ratio is currently 16.44%.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, Director Marianne Boyd Johnson acquired 2,475 shares of the stock in a transaction on Monday, March 13th. The stock was acquired at an average cost of $25.79 per share, for a total transaction of $63,830.25. Following the completion of the transaction, the director now directly owns 2,475 shares in the company, valued at $63,830.25. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 1,750 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $73.16, for a total transaction of $128,030.00. Following the completion of the transaction, the insider now directly owns 20,244 shares in the company, valued at $1,481,051.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Marianne Boyd Johnson acquired 2,475 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $25.79 per share, with a total value of $63,830.25. Following the completion of the transaction, the director now owns 2,475 shares of the company’s stock, valued at $63,830.25. The disclosure for this purchase can be found here. Company insiders own 2.57% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Guggenheim Capital LLC increased its holdings in shares of Western Alliance Bancorporation by 3.2% during the first quarter. Guggenheim Capital LLC now owns 4,831 shares of the financial services provider’s stock worth $400,000 after buying an additional 151 shares in the last quarter. Boston Partners boosted its position in Western Alliance Bancorporation by 0.9% during the third quarter. Boston Partners now owns 16,953 shares of the financial services provider’s stock valued at $1,114,000 after acquiring an additional 152 shares during the last quarter. Lingohr & Partner Asset Management GmbH boosted its position in shares of Western Alliance Bancorporation by 2.6% during the 3rd quarter. Lingohr & Partner Asset Management GmbH now owns 6,054 shares of the financial services provider’s stock worth $407,000 after purchasing an additional 154 shares in the last quarter. CWM LLC raised its holdings in shares of Western Alliance Bancorporation by 3.7% in the 4th quarter. CWM LLC now owns 4,343 shares of the financial services provider’s stock worth $259,000 after acquiring an additional 154 shares during the last quarter. Finally, PFS Investments Inc. raised its holdings in shares of Western Alliance Bancorporation by 5.3% in the 3rd quarter. PFS Investments Inc. now owns 3,882 shares of the financial services provider’s stock worth $255,000 after acquiring an additional 194 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

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Western Alliance Bancorp is a bank holding company, which engages in the provision of deposit, lending, treasury management, international banking, and online banking products and services. It operates through the following business segments: Commercial, Consumer Related, and Corporate and Other. The Commercial segment focuses on delivering commercial banking and treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors within niche industries, as well as financial services to the real estate industry.

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Earnings History and Estimates for Western Alliance Bancorporation (NYSE:WAL)

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