Western Alliance Bancorporation (NYSE:WAL) Given New $90.00 Price Target at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its target price increased by analysts at JPMorgan Chase & Co. from $86.00 to $90.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 8.21% from the stock’s current price.

Several other equities analysts also recently commented on the stock. National Alliance Securities reissued a “buy” rating on shares of Western Alliance Bancorporation in a report on Friday, March 6th. TD Cowen cut shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday, March 9th. Piper Sandler reduced their price target on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. Wells Fargo & Company upgraded shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and decreased their price target for the stock from $83.00 to $79.00 in a research note on Monday, March 9th. Finally, Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL traded up $0.97 during mid-day trading on Wednesday, reaching $83.17. The company’s stock had a trading volume of 77,932 shares, compared to its average volume of 1,227,735. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.86 and a quick ratio of 0.81. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23. The stock has a fifty day moving average of $79.70 and a two-hundred day moving average of $81.75. The firm has a market capitalization of $9.08 billion, a PE ratio of 9.67, a P/E/G ratio of 0.65 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. Western Alliance Bancorporation had a return on equity of 13.58% and a net margin of 17.03%.The company had revenue of $968.40 million for the quarter, compared to the consensus estimate of $944.18 million. During the same quarter last year, the company earned $1.79 EPS. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Western Alliance Bancorporation will post 9.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Ben Mucha sold 5,946 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $81.00, for a total value of $481,626.00. Following the sale, the chief accounting officer owned 3,485 shares of the company’s stock, valued at approximately $282,285. This represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.75% of the stock is owned by company insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Western Alliance Bancorporation by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock worth $735,350,000 after purchasing an additional 777,369 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its holdings in shares of Western Alliance Bancorporation by 7.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock worth $542,286,000 after buying an additional 470,492 shares during the period. Invesco Ltd. raised its holdings in shares of Western Alliance Bancorporation by 3.4% in the third quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock worth $521,710,000 after buying an additional 197,854 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Western Alliance Bancorporation by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after acquiring an additional 36,534 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Western Alliance Bancorporation by 1.6% during the 3rd quarter. Wellington Management Group LLP now owns 2,288,233 shares of the financial services provider’s stock worth $198,436,000 after acquiring an additional 36,364 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.