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

Western Alliance Bancorporation (NYSE:WAL) had its price objective increased by JPMorgan Chase & Co. from $100.00 to $105.00 in a research report released on Wednesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Several other equities research analysts have also recently weighed in on the company. Truist Financial decreased their price target on Western Alliance Bancorporation from $96.00 to $93.00 and set a “buy” rating on the stock in a research report on Monday, July 21st. National Bankshares set a $118.00 price target on Western Alliance Bancorporation in a research report on Wednesday, September 24th. TD Cowen began coverage on Western Alliance Bancorporation in a research report on Thursday, September 25th. They set a “buy” rating and a $118.00 price target on the stock. Citigroup reiterated a “neutral” rating on shares of Western Alliance Bancorporation in a research report on Tuesday, August 26th. Finally, Barclays upped their price target on Western Alliance Bancorporation from $97.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $101.53.

Western Alliance Bancorporation Trading Down 1.0%

Shares of Western Alliance Bancorporation stock opened at $85.89 on Wednesday. Western Alliance Bancorporation has a 52-week low of $57.05 and a 52-week high of $98.10. The stock’s 50-day simple moving average is $85.35 and its 200 day simple moving average is $78.18. The stock has a market capitalization of $9.48 billion, a P/E ratio of 11.29, a P/E/G ratio of 0.60 and a beta of 1.35. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.82 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL) last announced 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 return on equity of 12.62% and a net margin of 16.39%.The business had revenue of $836.21 million for the quarter, compared to analysts’ expectations of $838.58 million. During the same period in the previous year, the business posted $1.75 EPS. As a group, research analysts anticipate that Western Alliance Bancorporation will post 9.05 EPS for the current year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Thursday, August 14th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $1.52 annualized dividend and a yield of 1.8%. Western Alliance Bancorporation’s dividend payout ratio is currently 19.97%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation news, insider Tim R. Bruckner sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, July 24th. The stock was sold at an average price of $83.91, for a total value of $209,775.00. Following the completion of the sale, the insider owned 24,759 shares of the company’s stock, valued at $2,077,527.69. This represents a 9.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.68% of the stock is currently owned by corporate insiders.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently bought and sold shares of WAL. Wealth Enhancement Advisory Services LLC boosted its stake in Western Alliance Bancorporation by 5.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,087 shares of the financial services provider’s stock worth $258,000 after buying an additional 166 shares in the last quarter. GAMMA Investing LLC boosted its stake in Western Alliance Bancorporation by 11,675.5% in the first quarter. GAMMA Investing LLC now owns 167,566 shares of the financial services provider’s stock worth $12,874,000 after buying an additional 166,143 shares in the last quarter. Rhumbline Advisers boosted its stake in Western Alliance Bancorporation by 0.9% in the first quarter. Rhumbline Advisers now owns 304,742 shares of the financial services provider’s stock worth $23,413,000 after buying an additional 2,805 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Western Alliance Bancorporation in the first quarter worth approximately $217,000. Finally, Vest Financial LLC purchased a new stake in shares of Western Alliance Bancorporation during the first quarter valued at approximately $919,000. Hedge funds and other 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.