JPMorgan Chase & Co. Increases Western Alliance Bancorporation (NYSE:WAL) Price Target to $100.00

Western Alliance Bancorporation (NYSE:WAL) had its target price increased by JPMorgan Chase & Co. from $80.00 to $100.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WAL has been the topic of several other reports. Truist Financial boosted their price target on Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a buy rating in a research note on Monday, July 22nd. DA Davidson decreased their price objective on Western Alliance Bancorporation from $85.00 to $78.00 and set a buy rating on the stock in a report on Monday, April 22nd. Wedbush reaffirmed an outperform rating and set a $70.00 price objective on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. Royal Bank of Canada lifted their price objective on Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a report on Monday, July 22nd. Finally, StockNews.com raised Western Alliance Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Trading Up 1.9 %

Shares of WAL opened at $81.39 on Tuesday. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $81.90. The company has a quick ratio of 0.87, a current ratio of 0.90 and a debt-to-equity ratio of 1.21. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.45 and a beta of 1.46. The stock’s 50-day moving average price is $64.50 and its 200 day moving average price is $62.11.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 14.18% 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 company posted $1.96 earnings per share. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, research analysts predict that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Thursday, May 16th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.82%. The ex-dividend date was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is currently 21.57%.

Insider Transactions at Western Alliance Bancorporation

In other news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the transaction, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of WAL. Allspring Global Investments Holdings LLC acquired a new position in Western Alliance Bancorporation during the 1st quarter worth $27,000. GAMMA Investing LLC lifted its holdings in Western Alliance Bancorporation by 57.4% during the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after buying an additional 183 shares in the last quarter. ORG Partners LLC acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth $36,000. Rakuten Securities Inc. acquired a new position in Western Alliance Bancorporation during the 4th quarter worth $65,000. Finally, Versant Capital Management Inc lifted its holdings in Western Alliance Bancorporation by 26.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after buying an additional 244 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

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.