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

Western Alliance Bancorporation (NYSE:WAL) had its price target increased by JPMorgan Chase & Co. from $80.00 to $100.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Wedbush reiterated an outperform rating and issued a $70.00 target price on shares of Western Alliance Bancorporation in a research note on Wednesday, May 8th. Piper Sandler increased their target price on Western Alliance Bancorporation from $76.00 to $93.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Wells Fargo & Company increased their target price on Western Alliance Bancorporation from $68.00 to $85.00 and gave the company an equal weight rating in a research note on Monday, July 22nd. Barclays increased their target price on Western Alliance Bancorporation from $86.00 to $92.00 and gave the company an overweight rating in a research note on Monday, July 22nd. Finally, Stephens restated an overweight rating and set a $82.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $84.27.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL opened at $81.39 on Tuesday. The firm has a market capitalization of $8.96 billion, a PE ratio of 11.86, a P/E/G ratio of 1.45 and a beta of 1.46. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.90 and a quick ratio of 0.87. The business has a 50-day moving average of $64.50 and a two-hundred day moving average of $62.11. Western Alliance Bancorporation has a 12 month low of $38.81 and a 12 month high of $81.90.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly 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 return on equity of 14.18% and a net margin of 15.54%. The company had revenue of $771.80 million during the quarter, compared to analyst estimates of $737.97 million. During the same period in the prior year, the firm posted $1.96 earnings per share. The firm’s revenue was up 15.3% on a year-over-year basis. As a group, research analysts forecast that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

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

Insiders Place Their Bets

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 stock was sold at an average price of $75.95, for a total value of $160,710.20. Following the sale, the chief accounting officer now owns 3,520 shares of the company’s stock, valued at approximately $267,344. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.75% of the stock is currently owned by company insiders.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds have recently made changes to their positions in WAL. Allspring Global Investments Holdings LLC bought a new stake in shares of Western Alliance Bancorporation in the 1st quarter worth approximately $27,000. GAMMA Investing LLC lifted its holdings in shares of Western Alliance Bancorporation by 57.4% in the 1st quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 183 shares during the last quarter. ORG Partners LLC acquired a new stake in Western Alliance Bancorporation in the 2nd quarter valued at approximately $36,000. Rakuten Securities Inc. acquired a new stake in Western Alliance Bancorporation in the 4th quarter valued at approximately $65,000. Finally, Versant Capital Management Inc increased its position in Western Alliance Bancorporation by 26.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock valued at $73,000 after acquiring an additional 244 shares during the period. Institutional investors 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.