Western Alliance Bancorporation (NYSE:WAL) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its target price decreased by JPMorgan Chase & Co. from $90.00 to $85.00 in a research report released on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

WAL has been the topic of a number of other reports. Wells Fargo & Company decreased their price objective on Western Alliance Bancorporation from $90.00 to $84.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 29th. Barclays increased their price objective on Western Alliance Bancorporation from $88.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, October 5th. TD Cowen cut their target price on Western Alliance Bancorporation from $90.00 to $85.00 and set a “hold” rating for the company in a research note on Monday, October 5th. Citigroup reduced their target price on Western Alliance Bancorporation from $98.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. Finally, Royal Bank Of Canada decreased their price target on Western Alliance Bancorporation from $95.00 to $93.00 and set an “outperform” rating on the stock in a research note on Friday, October 9th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.18.

Western Alliance Bancorporation Stock Performance

NYSE:WAL opened at $76.22 on Wednesday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.84 and a quick ratio of 0.81. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 8.09, a PEG ratio of 0.79 and a beta of 1.42. The company’s 50-day moving average is $77.51 and its two-hundred day moving average is $79.18. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23.

Western Alliance Bancorporation (NYSE:WAL) last posted its quarterly earnings results on Monday, October 19th. The financial services provider reported $2.45 earnings per share for the quarter, beating the consensus estimate of $2.43 by $0.02. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $987.91 million. Western Alliance Bancorporation had a net margin of 17.34% and a return on equity of 13.50%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.28 EPS. Analysts forecast that Western Alliance Bancorporation will post 9.00 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were paid a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, August 13th. Western Alliance Bancorporation’s dividend payout ratio is 18.56%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of WAL. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Western Alliance Bancorporation in the 2nd quarter valued at $26,000. Fortitude Family Office LLC lifted its stake in Western Alliance Bancorporation by 173.5% during the 3rd quarter. Fortitude Family Office LLC now owns 361 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 229 shares in the last quarter. Compound Global Advisors LLC acquired a new position in Western Alliance Bancorporation during the 2nd quarter worth about $41,000. PenderFund Capital Management Ltd. purchased a new position in Western Alliance Bancorporation during the 2nd quarter valued at about $43,000. Finally, Assetmark Inc. boosted its holdings in Western Alliance Bancorporation by 86.0% during the 1st quarter. Assetmark Inc. now owns 560 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 259 shares during the period. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation (NYSE:WAL) is a bank holding company headquartered in Phoenix, Arizona. Through its principal subsidiary, Western Alliance Bank, the company provides banking and financial services to businesses, professionals, entrepreneurs, and individual customers.

Western Alliance Bank offers commercial and industrial lending, commercial real estate financing, construction loans, residential mortgage warehouse lending, and consumer banking services. Its deposit products include checking, savings, money market, and time deposit accounts, while its other services include treasury management, online banking, payments, and wealth management solutions.

The bank serves customers through a combination of regional banking divisions and specialized businesses, with operations focused on markets including Arizona, California, and Nevada as well as nationwide industry-based lending and financial services.