JPMorgan Chase & Co. Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $105.00

Western Alliance Bancorporation (NYSE:WAL) had its target price decreased by JPMorgan Chase & Co. from $110.00 to $105.00 in a report published on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

A number of other analysts also recently commented on the stock. Royal Bank of Canada set a $99.00 price objective on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a report on Friday, October 18th. Truist Financial cut their price target on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a report on Monday, October 21st. Wells Fargo & Company dropped their target price on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating for the company in a report on Monday. Stephens reissued an “overweight” rating and set a $102.00 price target on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Finally, Wedbush raised their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.31.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $80.63 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $88.52 and its 200-day simple moving average is $81.69. The company has a market cap of $8.87 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.10). Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. The firm had revenue of $833.10 million during the quarter, compared to analysts’ expectations of $811.40 million. As a group, equities research analysts anticipate that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were paid a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 15th. This is a boost from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.89%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently bought and sold shares of WAL. Versant Capital Management Inc grew its stake in shares of Western Alliance Bancorporation by 13.4% in the fourth quarter. Versant Capital Management Inc now owns 1,325 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 157 shares in the last quarter. Blue Trust Inc. grew its stake in Western Alliance Bancorporation by 58.4% during the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 187 shares in the last quarter. UMB Bank n.a. raised its position in Western Alliance Bancorporation by 136.8% in the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 249 shares in the last quarter. Signaturefd LLC raised its position in Western Alliance Bancorporation by 18.7% in the 3rd quarter. Signaturefd LLC now owns 1,598 shares of the financial services provider’s stock valued at $138,000 after purchasing an additional 252 shares in the last quarter. Finally, Wedmont Private Capital boosted its stake in shares of Western Alliance Bancorporation by 5.7% in the 3rd quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider’s stock valued at $429,000 after buying an additional 276 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

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.