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

Western Alliance Bancorporation (NYSE:WAL) had its price objective decreased by analysts at JPMorgan Chase & Co. from $110.00 to $105.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 30.50% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Royal Bank of Canada set a $99.00 target price on Western Alliance Bancorporation and gave the stock an “outperform” rating in a research report on Friday, October 18th. Barclays boosted their target price on shares of Western Alliance Bancorporation from $105.00 to $107.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Stephens reiterated an “overweight” rating and issued a $102.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, October 18th. Wells Fargo & Company dropped their price objective on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a report on Monday. Finally, Wedbush raised their target price on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.31.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL traded down $3.22 during trading hours on Tuesday, hitting $80.46. The stock had a trading volume of 690,385 shares, compared to its average volume of 875,199. The stock’s fifty day simple moving average is $88.69 and its 200 day simple moving average is $81.54. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.82 and a current ratio of 0.85. The firm has a market capitalization of $8.86 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.41 and a beta of 1.46. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). The business had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. Sell-side analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors and hedge funds have recently modified their holdings of the business. Retirement Systems of Alabama acquired a new stake in Western Alliance Bancorporation during the 3rd quarter worth $11,461,000. Franklin Resources Inc. grew its stake in shares of Western Alliance Bancorporation by 17.0% during the third quarter. Franklin Resources Inc. now owns 314,972 shares of the financial services provider’s stock worth $27,970,000 after purchasing an additional 45,764 shares during the period. Mutual of America Capital Management LLC bought a new stake in Western Alliance Bancorporation in the third quarter valued at about $5,099,000. BNP Paribas Financial Markets lifted its stake in Western Alliance Bancorporation by 1,091.8% in the third quarter. BNP Paribas Financial Markets now owns 34,073 shares of the financial services provider’s stock valued at $2,947,000 after buying an additional 31,214 shares during the period. Finally, Bank of Montreal Can boosted its holdings in Western Alliance Bancorporation by 41.4% during the second quarter. Bank of Montreal Can now owns 596,262 shares of the financial services provider’s stock worth $37,475,000 after buying an additional 174,682 shares during the last quarter. 79.15% of the stock is owned by institutional investors.

About Western Alliance Bancorporation

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.