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

Western Alliance Bancorporation (NYSE:WAL) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $110.00 to $105.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 30.50% from the company’s previous close.

Several other research analysts also recently commented on WAL. Truist Financial reduced their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Royal Bank of Canada set a $99.00 target price on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research note on Friday, October 18th. Barclays boosted their price target on Western Alliance Bancorporation from $105.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Stephens reiterated an “overweight” rating and set a $102.00 price objective on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.31.

Western Alliance Bancorporation Trading Down 3.8 %

WAL stock traded down $3.22 during midday trading on Tuesday, hitting $80.46. 690,385 shares of the company’s stock were exchanged, compared to its average volume of 875,199. Western Alliance Bancorporation has a one year low of $53.75 and a one year high of $98.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The company has a market cap of $8.86 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46. The stock’s fifty day moving average price is $88.69 and its 200-day moving average price is $81.54.

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

Hedge Funds Weigh In On Western Alliance Bancorporation

Several large investors have recently bought and sold shares of WAL. Retirement Systems of Alabama bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter worth $11,461,000. Franklin Resources Inc. grew its holdings in Western Alliance Bancorporation by 17.0% during the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock valued at $27,970,000 after purchasing an additional 45,764 shares during the period. Mutual of America Capital Management LLC purchased a new position in Western Alliance Bancorporation in the 3rd quarter valued at approximately $5,099,000. BNP Paribas Financial Markets raised its stake in shares of Western Alliance Bancorporation by 1,091.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock valued at $2,947,000 after purchasing an additional 31,214 shares during the period. Finally, Bank of Montreal Can boosted its stake in Western Alliance Bancorporation by 41.4% in the 2nd quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock worth $37,475,000 after purchasing an additional 174,682 shares during the period. 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.