JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Western Alliance Bancorporation (NYSE:WAL) Stock

Western Alliance Bancorporation (NYSE:WAL) had its price objective hoisted by equities researchers at JPMorgan Chase & Co. from $90.00 to $93.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 12.96% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Keefe, Bruyette & Woods upped their target price on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a research report on Wednesday. Weiss Ratings upgraded shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Barclays decreased their target price on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. Finally, Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a report on Thursday. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Western Alliance Bancorporation presently has an average rating of “Moderate Buy” and an average price target of $94.41.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL traded down $1.08 during midday trading on Thursday, hitting $82.33. The stock had a trading volume of 967,840 shares, compared to its average volume of 1,215,541. The company has a market capitalization of $8.99 billion, a PE ratio of 9.28, a P/E/G ratio of 0.73 and a beta of 1.34. The stock has a 50 day simple moving average of $80.26 and a 200-day simple moving average of $81.22. Western Alliance Bancorporation has a 1 year low of $65.82 and a 1 year high of $97.23. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.36. The company had revenue of $995.70 million during the quarter, compared to analysts’ expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.52%. Western Alliance Bancorporation’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.07 EPS. On average, sell-side analysts expect that Western Alliance Bancorporation will post 9.5 EPS for the current fiscal year.

Insider Transactions at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.76% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Western Alliance Bancorporation by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider’s stock worth $735,350,000 after purchasing an additional 777,369 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Western Alliance Bancorporation by 7.9% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider’s stock valued at $542,286,000 after purchasing an additional 470,492 shares during the last quarter. Invesco Ltd. raised its holdings in Western Alliance Bancorporation by 3.4% during the third quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider’s stock worth $521,710,000 after purchasing an additional 197,854 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Western Alliance Bancorporation by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after buying an additional 36,534 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Western Alliance Bancorporation by 1.6% in the 3rd quarter. Wellington Management Group LLP now owns 2,288,233 shares of the financial services provider’s stock valued at $198,436,000 after buying an additional 36,364 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides a range of banking services to commercial clients, entrepreneurs and real estate developers. As one of the largest regional banks in the western United States, it focuses on relationship-driven banking solutions tailored to niche industries and growing businesses.

The company’s core offerings include deposit products, treasury management and a variety of lending services.