Western Alliance Bancorporation (NYSE:WAL) Price Target Cut to $85.00 by Analysts at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $90.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 41.15% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Barclays assumed coverage on shares of Western Alliance Bancorporation in a research report on Friday, March 8th. They set an "overweight" rating and a $91.00 target price on the stock. Truist Financial reiterated a "buy" rating and set a $80.00 target price on shares of Western Alliance Bancorporation in a research report on Monday. Wells Fargo & Company reiterated an "equal weight" rating and set a $72.00 target price (up previously from $62.00) on shares of Western Alliance Bancorporation in a research report on Tuesday, January 30th. DA Davidson reiterated a "buy" rating and set a $85.00 target price on shares of Western Alliance Bancorporation in a research report on Thursday, March 21st. Finally, StockNews.com downgraded shares of Western Alliance Bancorporation from a "hold" rating to a "sell" rating in a research report on Saturday, March 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.06.

Western Alliance Bancorporation Trading Down 1.0 %

Shares of NYSE WAL traded down $0.58 during midday trading on Thursday, reaching $60.22. The stock had a trading volume of 948,343 shares, compared to its average volume of 1,517,130. The firm has a market cap of $6.64 billion, a price-to-earnings ratio of 9.20 and a beta of 1.47. Western Alliance Bancorporation has a twelve month low of $11.35 and a twelve month high of $70.23. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.93 and a current ratio of 0.96. The company's 50 day moving average price is $60.62 and its 200 day moving average price is $55.47.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings results on Friday, January 26th. The financial services provider reported $1.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.93 by ($0.02). The firm had revenue of $1.13 billion during the quarter, compared to analyst estimates of $705.97 million. Western Alliance Bancorporation had a return on equity of 16.33% and a net margin of 16.74%. During the same quarter last year, the firm posted $2.67 EPS. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 7.89 EPS for the current year.

Institutional Trading of Western Alliance Bancorporation

Institutional investors have recently made changes to their positions in the company. Harbour Investments Inc. grew its stake in shares of Western Alliance Bancorporation by 400.7% in the 1st quarter. Harbour Investments Inc. now owns 696 shares of the financial services provider's stock worth $25,000 after acquiring an additional 557 shares in the last quarter. Lazard Asset Management LLC bought a new position in Western Alliance Bancorporation during the second quarter valued at about $28,000. State of Wyoming grew its position in Western Alliance Bancorporation by 54.7% during the second quarter. State of Wyoming now owns 783 shares of the financial services provider's stock valued at $29,000 after buying an additional 277 shares during the period. Advisory Services Network LLC grew its position in Western Alliance Bancorporation by 118.2% during the first quarter. Advisory Services Network LLC now owns 993 shares of the financial services provider's stock valued at $35,000 after buying an additional 538 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC bought a new position in Western Alliance Bancorporation during the third quarter valued at about $43,000. Institutional investors own 79.15% of the company's stock.

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.