Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $105.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised the price target for Western Alliance Bancorporation from $100.00 to $105.00, indicating a potential upside of 21.99% based on the stock's previous close.
• The company's stock experienced a slight decline of 0.7%, trading at $86.08 during midday on Wednesday, with 144,775 shares exchanged.
• Analysts maintain a consensus rating of "Moderate Buy" for Western Alliance Bancorporation, with an average price target of $101.53.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) had its target price boosted by analysts at JPMorgan Chase & Co. from $100.00 to $105.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 21.99% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Citigroup reiterated a "neutral" rating on shares of Western Alliance Bancorporation in a report on Tuesday, August 26th. Wells Fargo & Company downgraded Western Alliance Bancorporation from an "equal weight" rating to an "underweight" rating and increased their price target for the company from $85.00 to $90.00 in a report on Monday. Industrial Alliance Securities set a $104.00 price objective on Western Alliance Bancorporation in a report on Tuesday, August 26th. Cowen started coverage on Western Alliance Bancorporation in a research report on Wednesday, September 24th. They issued a "buy" rating on the stock. Finally, Piper Sandler raised their price target on shares of Western Alliance Bancorporation from $94.00 to $105.00 and gave the stock an "overweight" rating in a research report on Monday, July 21st. Thirteen research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Western Alliance Bancorporation has an average rating of "Moderate Buy" and an average price target of $101.53.

Western Alliance Bancorporation Stock Down 0.7%

Western Alliance Bancorporation stock traded down $0.65 during midday trading on Wednesday, hitting $86.08. 144,775 shares of the company were exchanged, compared to its average volume of 1,104,656. The company has a market cap of $9.50 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 0.60 and a beta of 1.39. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $98.10. The company's fifty day moving average price is $85.31 and its 200-day moving average price is $78.13. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.86 and a quick ratio of 0.82.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The financial services provider reported $2.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.04 by $0.03. Western Alliance Bancorporation had a net margin of 16.39% and a return on equity of 12.62%. The company had revenue of $836.21 million for the quarter, compared to analyst estimates of $838.58 million. During the same quarter last year, the firm posted $1.75 earnings per share. On average, research analysts predict that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $83.91, for a total transaction of $209,775.00. Following the sale, the insider directly owned 24,759 shares of the company's stock, valued at approximately $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of large investors have recently bought and sold shares of the business. State of Wyoming bought a new position in shares of Western Alliance Bancorporation during the second quarter valued at approximately $139,000. Corient Private Wealth LLC boosted its position in Western Alliance Bancorporation by 60.4% during the 2nd quarter. Corient Private Wealth LLC now owns 81,425 shares of the financial services provider's stock valued at $6,350,000 after purchasing an additional 30,670 shares during the period. Captrust Financial Advisors grew its stake in Western Alliance Bancorporation by 4.6% during the 2nd quarter. Captrust Financial Advisors now owns 7,188 shares of the financial services provider's stock worth $561,000 after buying an additional 317 shares during the last quarter. WFA of San Diego LLC acquired a new stake in Western Alliance Bancorporation in the second quarter worth $78,000. Finally, Tidal Investments LLC lifted its stake in Western Alliance Bancorporation by 17.1% in the second quarter. Tidal Investments LLC now owns 214,402 shares of the financial services provider's stock valued at $16,719,000 after buying an additional 31,334 shares during the last quarter. Institutional investors own 79.15% of the company's stock.

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.

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