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

Western Alliance Bancorporation (NYSE:WAL) had its price objective raised by equities researchers at JPMorgan Chase & Co. from $80.00 to $100.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 28.35% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Truist Financial lifted their target price on shares of Western Alliance Bancorporation from $74.00 to $88.00 and gave the stock a “buy” rating in a research note on Monday. Keefe, Bruyette & Woods lowered their target price on shares of Western Alliance Bancorporation from $79.00 to $74.00 and set an “outperform” rating for the company in a research note on Monday, April 22nd. Wedbush reissued an “outperform” rating and issued a $70.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday, May 8th. DA Davidson cut their price target on shares of Western Alliance Bancorporation from $85.00 to $78.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Barclays boosted their price target on shares of Western Alliance Bancorporation from $86.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $84.27.

Western Alliance Bancorporation Stock Up 0.9 %

NYSE WAL traded up $0.72 during trading on Tuesday, reaching $77.91. 273,887 shares of the company’s stock traded hands, compared to its average volume of 1,231,948. 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 firm has a market cap of $8.58 billion, a price-to-earnings ratio of 11.36, a price-to-earnings-growth ratio of 1.45 and a beta of 1.46. The company’s 50 day simple moving average is $63.35 and its two-hundred day simple moving average is $61.66. Western Alliance Bancorporation has a 12-month low of $38.81 and a 12-month high of $78.77.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a net margin of 15.54% and a return on equity of 14.18%. The firm had revenue of $771.80 million for the quarter, compared to the consensus estimate of $737.97 million. During the same quarter in the previous year, the firm earned $1.96 EPS. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Western Alliance Bancorporation will post 7.41 EPS for the current fiscal year.

Insider Buying and Selling

In related 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 shares were sold at an average price of $64.20, for a total transaction of $64,200.00. Following the sale, the chief accounting officer now directly owns 5,636 shares in the company, valued at $361,831.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

Hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Western Alliance Bancorporation during the first quarter worth approximately $27,000. GAMMA Investing LLC grew its position in shares of Western Alliance Bancorporation by 57.4% during the first quarter. GAMMA Investing LLC now owns 502 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 183 shares during the last quarter. ORG Partners LLC purchased a new position in shares of Western Alliance Bancorporation during the second quarter worth approximately $36,000. Rakuten Securities Inc. purchased a new position in shares of Western Alliance Bancorporation during the fourth quarter worth approximately $65,000. Finally, Versant Capital Management Inc grew its position in shares of Western Alliance Bancorporation by 26.5% during the second quarter. Versant Capital Management Inc now owns 1,165 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 244 shares during the last quarter. 79.15% of the stock is currently 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.