JPMorgan Chase & Co. Has Lowered Expectations for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL) had its price objective reduced by JPMorgan Chase & Co. from $110.00 to $105.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

WAL has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th. Royal Bank of Canada set a $99.00 price objective on Western Alliance Bancorporation and gave the stock an “outperform” rating in a report on Friday, October 18th. Piper Sandler reduced their target price on Western Alliance Bancorporation from $102.00 to $101.00 and set an “overweight” rating for the company in a report on Monday, October 21st. Truist Financial decreased their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Monday, October 21st. Finally, Wells Fargo & Company cut their price target on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday. One research analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.31.

Western Alliance Bancorporation Stock Down 1.2 %

Shares of NYSE WAL opened at $80.63 on Tuesday. The business has a 50-day moving average of $88.52 and a two-hundred day moving average of $81.69. The company has a market capitalization of $8.87 billion, a price-to-earnings ratio of 12.44, a price-to-earnings-growth ratio of 1.41 and a beta of 1.46. Western Alliance Bancorporation has a 1 year low of $53.75 and a 1 year high of $98.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.82.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.10). The business had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, analysts forecast that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a $0.38 dividend. This is an increase from Western Alliance Bancorporation’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 annualized dividend and a dividend yield of 1.89%. Western Alliance Bancorporation’s payout ratio is presently 23.46%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in Western Alliance Bancorporation during the 3rd quarter worth approximately $31,000. ORG Wealth Partners LLC acquired a new position in Western Alliance Bancorporation during the third quarter worth $33,000. UMB Bank n.a. raised its position in Western Alliance Bancorporation by 136.8% in the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 249 shares in the last quarter. Blue Trust Inc. lifted its holdings in Western Alliance Bancorporation by 58.4% in the third quarter. Blue Trust Inc. now owns 507 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 187 shares during the period. Finally, Covestor Ltd boosted its position in shares of Western Alliance Bancorporation by 167.5% during the 3rd quarter. Covestor Ltd now owns 634 shares of the financial services provider’s stock worth $55,000 after purchasing an additional 397 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other 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.