JPMorgan Chase & Co. Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $90.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective reduced by JPMorgan Chase & Co. from $93.00 to $90.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

WAL has been the subject of several other research reports. Wells Fargo & Company lowered their price objective on shares of Western Alliance Bancorporation from $90.00 to $84.00 and set an “equal weight” rating for the company in a research note on Tuesday. Piper Sandler upped their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, July 24th. Raymond James Financial began coverage on shares of Western Alliance Bancorporation in a report on Tuesday, September 22nd. They set an “outperform” rating and a $90.00 target price on the stock. Truist Financial raised their price target on shares of Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Finally, Citigroup dropped their price target on shares of Western Alliance Bancorporation from $98.00 to $95.00 and set a “buy” rating for the company in a research note on Tuesday, September 22nd. Eleven analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.12.

Western Alliance Bancorporation Price Performance

WAL opened at $76.48 on Thursday. The stock’s 50-day moving average price is $79.65 and its 200 day moving average price is $78.60. Western Alliance Bancorporation has a 12-month low of $65.82 and a 12-month high of $97.23. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 0.77 and a beta of 1.42.

Western Alliance Bancorporation (NYSE:WAL) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 13.40% and a net margin of 17.20%.Western Alliance Bancorporation’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period last year, the business posted $2.07 EPS. As a group, sell-side analysts expect that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 27th. Investors of record on Thursday, August 13th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is presently 18.92%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at approximately $926,898,000. Dimensional Fund Advisors LP grew its stake in shares of Western Alliance Bancorporation by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 3,813,995 shares of the financial services provider’s stock worth $270,203,000 after purchasing an additional 36,534 shares in the last quarter. Davis Asset Management L.P. acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth $274,219,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth $174,329,000. Finally, Norges Bank purchased a new position in Western Alliance Bancorporation in the fourth quarter valued at $125,482,000. Hedge funds and other institutional investors own 79.15% of the company’s stock.

About Western Alliance Bancorporation

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Western Alliance Bank, provides commercial and consumer banking services to businesses, institutions, entrepreneurs and individuals.

The company offers a range of financial products and services, including commercial and industrial loans, commercial real estate lending, residential mortgage warehouse financing, deposit accounts, treasury management, digital banking, payment services and personal banking products.