JPMorgan Chase & Co. Boosts Western Alliance Bancorporation (NYSE:WAL) Price Target to $107.00

Western Alliance Bancorporation (NYSE:WAL) had its target price lifted by JPMorgan Chase & Co. from $100.00 to $107.00 in a research report sent to investors on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the financial services provider’s stock.

Several other brokerages have also issued reports on WAL. Bank of America boosted their target price on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a buy rating in a research note on Monday, July 22nd. Wedbush upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an outperform rating in a report on Tuesday, September 24th. Piper Sandler increased their target price on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an overweight rating in a research report on Monday, July 22nd. Royal Bank of Canada boosted their price target on shares of Western Alliance Bancorporation from $78.00 to $87.00 and gave the company an outperform rating in a research report on Monday, July 22nd. Finally, StockNews.com downgraded shares of Western Alliance Bancorporation from a hold rating to a sell rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $89.53.

Western Alliance Bancorporation Price Performance

WAL opened at $88.69 on Wednesday. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92. The firm has a 50-day moving average of $80.92 and a 200 day moving average of $69.64. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.85 and a current ratio of 0.88. The firm has a market cap of $9.76 billion, a P/E ratio of 13.34, a PEG ratio of 1.29 and a beta of 1.44.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.04. The firm had revenue of $771.80 million during the quarter, compared to the consensus estimate of $737.97 million. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The company’s revenue was up 15.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.96 EPS. On average, research analysts expect that Western Alliance Bancorporation will post 7.42 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Friday, August 16th were issued a $0.37 dividend. The ex-dividend date was Friday, August 16th. This represents a $1.48 annualized dividend and a dividend yield of 1.67%. Western Alliance Bancorporation’s payout ratio is currently 22.26%.

Insider Transactions at Western Alliance Bancorporation

In related news, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the sale, the chief accounting officer now directly owns 3,520 shares of the company’s stock, valued at $267,344. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Stephen Russell Curley sold 5,070 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the transaction, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO J. Kelly Jr. Ardrey sold 2,116 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.95, for a total value of $160,710.20. Following the transaction, the chief accounting officer now directly owns 3,520 shares in the company, valued at approximately $267,344. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of WAL. Vanguard Group Inc. boosted its stake in shares of Western Alliance Bancorporation by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock valued at $670,170,000 after purchasing an additional 395,101 shares in the last quarter. SG Americas Securities LLC boosted its position in Western Alliance Bancorporation by 1,706.9% during the first quarter. SG Americas Securities LLC now owns 30,898 shares of the financial services provider’s stock valued at $1,983,000 after buying an additional 29,188 shares during the period. M&G Plc grew its stake in shares of Western Alliance Bancorporation by 12.4% during the second quarter. M&G Plc now owns 133,670 shares of the financial services provider’s stock valued at $8,421,000 after buying an additional 14,734 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Western Alliance Bancorporation by 1.3% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,633,261 shares of the financial services provider’s stock worth $102,603,000 after buying an additional 20,254 shares during the period. Finally, First Hawaiian Bank purchased a new position in shares of Western Alliance Bancorporation in the second quarter worth about $474,000. 79.15% of the stock is currently owned by institutional investors.

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.