Western Alliance (NYSE:WAL) Bancorporation (NYSE:WAL), a financial institution with a market capitalization of $9.64 billion, announced the unexpected retirement of board member Kevin Blakely on December 12, 2024. Blakely, who also served on the board of Western Alliance Bank, stepped down effective immediately. The company stated that his retirement was not due to any disagreements regarding operations, policies, or practices.
Blakely's exit from the board is noteworthy as it comes without prior notice, leaving a vacancy in the company's governance structure. However, the company has not indicated any issues that might have led to this sudden change, and there have been no reports of internal conflict or controversy tied to his retirement.
Trading at a P/E ratio of 13.5 and showing signs of being undervalued according to InvestingPro Fair Value analysis, Western Alliance continues to maintain a solid financial position with strong profitability metrics. For comprehensive insights, investors can access the detailed Pro Research Report, available for WAL and 1,400+ other US stocks on InvestingPro.
In other recent news, Western Alliance Bancorporation announced dividends for its common and preferred stock, with distribution to occur in November and December. The bank also reported a steady third-quarter performance, with earnings per share (EPS) of $1.80, deposit growth of $1.8 billion, and loan growth of $916 million. Projected fourth-quarter loan growth is approximately $1.25 billion, with a decrease in deposits by $2 billion due to seasonal outflows.
Analysts have adjusted their outlook on the bank's stock. Piper Sandler lowered its price target to $101, maintaining an Overweight rating. Citi raised its price target to $102, and Barclays (LON:BARC) reduced its price target to $105, both firms maintaining their ratings as well. These modifications followed a slight decrease in EPS estimates for the coming years and anticipated changes in the bank's GAAP expenses.
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