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

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

Other analysts have also recently issued research reports about the company. Truist Financial lifted their price target on Western Alliance Bancorporation from $74.00 to $88.00 and gave the company a buy rating in a report on Monday. StockNews.com upgraded Western Alliance Bancorporation from a sell rating to a hold rating in a report on Friday, July 19th. Bank of America boosted their target price on Western Alliance Bancorporation from $82.00 to $98.00 and gave the stock a buy rating in a report on Monday. Wells Fargo & Company boosted their target price on Western Alliance Bancorporation from $68.00 to $85.00 and gave the stock an equal weight rating in a report on Monday. Finally, Barclays boosted their price target on Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an overweight rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $84.27.

Western Alliance Bancorporation Stock Up 4.2 %

WAL opened at $79.79 on Tuesday. 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 stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. The business has a 50-day moving average of $64.18 and a two-hundred day moving average of $61.99. Western Alliance Bancorporation has a 12 month low of $38.81 and a 12 month high of $81.15.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.75 EPS for the quarter, beating the consensus estimate of $1.71 by $0.04. The company had revenue of $771.80 million during the quarter, compared to analysts’ expectations of $737.97 million. Western Alliance Bancorporation had a return on equity of 14.18% and a net margin of 15.54%. The firm’s revenue was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.96 EPS. On average, research analysts expect that Western Alliance Bancorporation will post 7.41 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Thursday, May 16th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Wednesday, May 15th. Western Alliance Bancorporation’s payout ratio is 21.57%.

Insider Buying and Selling at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, CAO J. Kelly Jr. Ardrey sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $64.20, for a total value of $64,200.00. Following the transaction, the chief accounting officer now directly owns 5,636 shares of the company’s stock, valued at approximately $361,831.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Western Alliance Bancorporation by 3.9% during 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 acquiring an additional 395,101 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Western Alliance Bancorporation by 16.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,112,376 shares of the financial services provider’s stock valued at $328,165,000 after acquiring an additional 717,242 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Western Alliance Bancorporation by 50.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,452,203 shares of the financial services provider’s stock valued at $161,339,000 after acquiring an additional 824,636 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of Western Alliance Bancorporation by 103.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,725,328 shares of the financial services provider’s stock valued at $113,510,000 after acquiring an additional 876,413 shares in the last quarter. Finally, Hood River Capital Management LLC raised its position in shares of Western Alliance Bancorporation by 5.9% during 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 acquiring an additional 91,535 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.