Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $93.00

Western Alliance Bancorporation (NYSE:WAL) had its target price hoisted by JPMorgan Chase & Co. from $90.00 to $93.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other research analysts have also recently issued research reports about the company. Weiss Ratings upgraded Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. UBS Group increased their price objective on Western Alliance Bancorporation from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. Stifel Nicolaus set a $95.00 price objective on Western Alliance Bancorporation in a report on Thursday. Barclays decreased their target price on Western Alliance Bancorporation from $90.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. Finally, DA Davidson set a $36.00 price target on shares of Western Alliance Bancorporation in a report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $94.71.

Western Alliance Bancorporation Price Performance

Shares of NYSE WAL opened at $83.01 on Thursday. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23. The firm has a market cap of $9.06 billion, a P/E ratio of 9.35, a PEG ratio of 0.76 and a beta of 1.34. The company has a 50 day moving average of $80.57 and a 200 day moving average of $81.22. The company has a quick ratio of 0.81, a current ratio of 0.85 and a debt-to-equity ratio of 0.93.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.36. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business had revenue of $995.70 million for the quarter, compared to analysts’ expectations of $980.53 million. During the same period in the prior year, the firm posted $2.07 EPS. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. As a group, research analysts expect that Western Alliance Bancorporation will post 9.24 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a $0.42 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 annualized dividend and a dividend yield of 2.0%. Western Alliance Bancorporation’s payout ratio is presently 18.92%.

Insider Buying and Selling

In related news, CAO Ben Mucha sold 5,946 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the sale, the chief accounting officer owned 3,485 shares in the company, valued at approximately $282,285. This represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.76% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

Large investors have recently made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in shares of Western Alliance Bancorporation by 71.2% in the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider’s stock worth $600,000 after buying an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp grew its position in Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider’s stock valued at $133,000 after buying an additional 1,448 shares during the period. Goldman Sachs Group Inc. increased its holdings in Western Alliance Bancorporation by 24.0% during the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider’s stock valued at $8,596,000 after buying an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Western Alliance Bancorporation by 11.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider’s stock valued at $26,701,000 after buying an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in Western Alliance Bancorporation by 11.3% in the second quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider’s stock worth $547,000 after acquiring an additional 713 shares during the period. 79.15% of the stock is currently owned by 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.