Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $105.00 by Analysts at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its price target decreased by JPMorgan Chase & Co. from $107.00 to $105.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 28.35% from the company’s current price.

Several other analysts have also recently commented on WAL. Truist Financial raised their price objective on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Wedbush raised their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Stephens restated an “overweight” rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research report on Friday. Jefferies Financial Group lifted their target price on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Barclays lifted their target price on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $92.13.

Western Alliance Bancorporation Stock Performance

Western Alliance Bancorporation stock traded down $3.72 during midday trading on Monday, hitting $81.81. 613,256 shares of the company’s stock were exchanged, compared to its average volume of 1,309,622. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $94.28. 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 stock has a market cap of $9.01 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 1.30 and a beta of 1.44. The firm’s 50 day simple moving average is $82.58 and its 200 day simple moving average is $70.65.

Western Alliance Bancorporation (NYSE:WAL) last released its earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.42%. The company had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter last year, the business earned $1.96 EPS. The business’s revenue was up 15.3% on a year-over-year basis. Equities research analysts predict that Western Alliance Bancorporation will post 7.39 EPS for the current year.

Insider Transactions at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total value of $247,919.00. Following the sale, the director now directly owns 4,056 shares of the company’s stock, valued at $335,634. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Barbara Kennedy sold 11,083 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.59, for a total value of $904,261.97. Following the sale, the insider now directly owns 7,977 shares of the company’s stock, valued at $650,843.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert P. Latta sold 2,996 shares of the business’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $82.75, for a total transaction of $247,919.00. Following the sale, the director now owns 4,056 shares of the company’s stock, valued at approximately $335,634. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,149 shares of company stock valued at $1,539,681. Corporate insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Western Alliance Bancorporation by 3.9% during the first quarter. Vanguard Group Inc. now owns 10,440,410 shares of the financial services provider’s stock worth $670,170,000 after acquiring an additional 395,101 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Western Alliance Bancorporation by 16.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock worth $328,165,000 after acquiring an additional 717,242 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Western Alliance Bancorporation by 20.6% during the second quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after acquiring an additional 636,577 shares during the last quarter. William Blair Investment Management LLC grew its position in Western Alliance Bancorporation by 0.7% in the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock valued at $176,764,000 after buying an additional 20,876 shares in the last quarter. Finally, Hood River Capital Management LLC grew its position in Western Alliance Bancorporation by 5.9% in the 1st quarter. Hood River Capital Management LLC now owns 1,641,660 shares of the financial services provider’s stock valued at $105,378,000 after buying an additional 91,535 shares in the last quarter. Institutional investors own 79.15% of the company’s stock.

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.