JPMorgan Chase & Co. Has Lowered Expectations for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $105.00 to $77.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 6.80% from the company’s current price.

Other analysts also recently issued research reports about the company. iA Financial set a $101.00 target price on Western Alliance Bancorporation in a research note on Wednesday, January 28th. UBS Group set a $93.00 price target on Western Alliance Bancorporation and gave the stock a “buy” rating in a research report on Tuesday, March 10th. Keefe, Bruyette & Woods upped their price target on Western Alliance Bancorporation from $98.00 to $101.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $83.00 to $79.00 in a research report on Monday, March 9th. Finally, Citigroup lowered their price objective on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating on the stock in a research note on Monday, March 9th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $95.13.

Western Alliance Bancorporation Stock Performance

Shares of WAL opened at $72.10 on Wednesday. The company has a market capitalization of $7.92 billion, a PE ratio of 8.26, a price-to-earnings-growth ratio of 0.63 and a beta of 1.37. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.80. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $97.23. The company’s fifty day moving average price is $81.66 and its 200 day moving average price is $82.80.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.19. The company had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a net margin of 18.04% and a return on equity of 13.33%. The business’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.95 earnings per share. As a group, analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current year.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently modified their holdings of WAL. Hsbc Holdings PLC raised its stake in shares of Western Alliance Bancorporation by 73.2% in the fourth quarter. Hsbc Holdings PLC now owns 6,580 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 2,781 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in Western Alliance Bancorporation by 8.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 260,229 shares of the financial services provider’s stock worth $21,878,000 after buying an additional 19,581 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Western Alliance Bancorporation by 134.9% during the fourth quarter. Corient Private Wealth LLC now owns 39,056 shares of the financial services provider’s stock worth $3,283,000 after buying an additional 22,431 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Western Alliance Bancorporation in the 4th quarter valued at $63,000. Finally, Virtu Financial LLC bought a new stake in Western Alliance Bancorporation in the 4th quarter valued at $456,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.