JPMorgan Chase & Co. Cuts Western Alliance Bancorporation (NYSE:WAL) Price Target to $77.00

Western Alliance Bancorporation (NYSE:WAL) had its price target reduced by stock analysts at JPMorgan Chase & Co. from $105.00 to $77.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 6.44% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Barclays decreased their target price on Western Alliance Bancorporation from $105.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, March 18th. UBS Group set a $93.00 price objective on shares of Western Alliance Bancorporation and gave the company a “buy” rating in a research report on Tuesday, March 10th. Keefe, Bruyette & Woods upped their price objective on shares of Western Alliance Bancorporation from $98.00 to $101.00 and gave the stock an “outperform” rating in a report on Wednesday, January 28th. Truist Financial set a $98.00 target price on shares of Western Alliance Bancorporation in a research note on Friday, January 9th. Finally, Citigroup reduced their price target on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $95.87.

Western Alliance Bancorporation Trading Up 2.1%

Shares of Western Alliance Bancorporation stock traded up $1.49 during trading on Wednesday, reaching $72.34. 1,165,003 shares of the stock were exchanged, compared to its average volume of 1,396,426. The company has a quick ratio of 0.80, a current ratio of 0.85 and a debt-to-equity ratio of 0.83. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 0.59 and a beta of 1.34. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $97.23. The stock’s fifty day moving average is $82.40 and its 200 day moving average is $82.95.

Western Alliance Bancorporation (NYSE:WAL) last announced 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 for the quarter, compared to the consensus estimate of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.Western Alliance Bancorporation’s revenue was up 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.95 EPS. As a group, equities research analysts expect that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Institutional Trading of Western Alliance Bancorporation

Several institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its holdings in Western Alliance Bancorporation by 1.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,008 shares of the financial services provider’s stock worth $505,000 after buying an additional 113 shares during the last quarter. Ritholtz Wealth Management boosted its stake in Western Alliance Bancorporation by 4.6% during the 4th quarter. Ritholtz Wealth Management now owns 3,030 shares of the financial services provider’s stock valued at $255,000 after purchasing an additional 133 shares during the last quarter. Silver Oak Securities Incorporated lifted its holdings in shares of Western Alliance Bancorporation by 1.0% during the third quarter. Silver Oak Securities Incorporated now owns 14,318 shares of the financial services provider’s stock valued at $1,242,000 after purchasing an additional 138 shares in the last quarter. EJF Capital LLC lifted its holdings in shares of Western Alliance Bancorporation by 2.5% during the second quarter. EJF Capital LLC now owns 6,223 shares of the financial services provider’s stock valued at $485,000 after purchasing an additional 149 shares in the last quarter. Finally, Salzhauer Michael boosted its position in shares of Western Alliance Bancorporation by 0.3% during the third quarter. Salzhauer Michael now owns 44,815 shares of the financial services provider’s stock valued at $3,886,000 after buying an additional 152 shares during the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

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.