JPMorgan Chase & Co. Raises Western Alliance Bancorporation (NYSE:WAL) Price Target to $107.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective upped by JPMorgan Chase & Co. from $100.00 to $107.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial increased their price objective on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the stock a buy rating in a research note on Friday, September 20th. Jefferies Financial Group increased their price objective on shares of Western Alliance Bancorporation from $70.00 to $77.00 and gave the stock a buy rating in a research note on Wednesday, July 3rd. Wells Fargo & Company raised their target price on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the stock an equal weight rating in a research note on Tuesday, October 1st. StockNews.com cut shares of Western Alliance Bancorporation from a hold rating to a sell rating in a research note on Tuesday, August 13th. Finally, Barclays raised 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 note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Western Alliance Bancorporation presently has an average rating of Moderate Buy and a consensus target price of $89.53.

Western Alliance Bancorporation Price Performance

WAL opened at $88.70 on Wednesday. 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 capitalization of $9.77 billion, a P/E ratio of 12.93, a P/E/G ratio of 1.30 and a beta of 1.44. The company’s 50-day simple moving average is $80.92 and its two-hundred day simple moving average is $69.58. Western Alliance Bancorporation has a 52-week low of $38.81 and a 52-week high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 13.98%. The firm had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter in the prior year, the business earned $1.96 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. As a group, analysts predict that Western Alliance Bancorporation will post 7.42 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend was Friday, August 16th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is presently 21.57%.

Insider Activity at Western Alliance Bancorporation

In related news, Director Robert P. Latta sold 2,996 shares of the firm’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 completion of the transaction, the director now directly owns 4,056 shares of the company’s stock, valued at approximately $335,634. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Robert P. Latta sold 2,996 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $82.75, for a total value of $247,919.00. Following the completion of the sale, the director now directly owns 4,056 shares in the company, valued at $335,634. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the completion of the sale, the insider now owns 7,977 shares of the company’s stock, valued at approximately $650,843.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,265 shares of company stock valued at $1,700,391. 2.75% of the stock is owned by corporate insiders.

Institutional Trading of Western Alliance Bancorporation

A number of institutional investors have recently bought and sold shares of the stock. Creative Planning lifted its position in Western Alliance Bancorporation by 18.9% in the third quarter. Creative Planning now owns 6,843 shares of the financial services provider’s stock worth $592,000 after buying an additional 1,087 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Western Alliance Bancorporation during the third quarter worth $33,000. Oliver Luxxe Assets LLC lifted its position in shares of Western Alliance Bancorporation by 36.5% during the third quarter. Oliver Luxxe Assets LLC now owns 47,809 shares of the financial services provider’s stock worth $4,135,000 after purchasing an additional 12,776 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Western Alliance Bancorporation by 3.5% during the third quarter. Exchange Traded Concepts LLC now owns 19,152 shares of the financial services provider’s stock worth $1,656,000 after purchasing an additional 648 shares during the last quarter. Finally, Inspire Investing LLC lifted its position in shares of Western Alliance Bancorporation by 36.7% during the third quarter. Inspire Investing LLC now owns 13,422 shares of the financial services provider’s stock worth $1,161,000 after purchasing an additional 3,601 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

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.