JPMorgan Chase & Co. Increases Western Alliance Bancorporation (NYSE:WAL) Price Target to $107.00

Western Alliance Bancorporation (NYSE:WAL) had its price objective boosted by research analysts at JPMorgan Chase & Co. from $100.00 to $107.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 24.26% from the company’s previous close.

Several other research firms also recently commented on WAL. Piper Sandler lifted their target price on shares of Western Alliance Bancorporation from $76.00 to $93.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. Bank of America increased their price objective on Western Alliance Bancorporation from $82.00 to $98.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Truist Financial boosted their price objective on shares of Western Alliance Bancorporation from $88.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, September 20th. Wells Fargo & Company increased their price objective on shares of Western Alliance Bancorporation from $85.00 to $92.00 and gave the company an “equal weight” rating in a report on Tuesday, October 1st. Finally, Deutsche Bank Aktiengesellschaft raised shares of Western Alliance Bancorporation from a “hold” rating to a “buy” rating and boosted their target price for the company from $83.00 to $101.00 in a research note on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.53.

Western Alliance Bancorporation Trading Up 2.8 %

NYSE WAL traded up $2.37 during trading on Wednesday, reaching $86.11. 924,509 shares of the stock traded hands, compared to its average volume of 1,293,293. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 1.60 and a beta of 1.44. The company has a quick ratio of 0.85, a current ratio of 0.88 and a debt-to-equity ratio of 1.07. The stock’s 50-day moving average price is $80.30 and its 200 day moving average price is $69.17. Western Alliance Bancorporation has a fifty-two week low of $38.81 and a fifty-two week high of $88.92.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.04. Western Alliance Bancorporation had a return on equity of 13.98% and a net margin of 15.54%. The company had revenue of $771.80 million for the quarter, compared to analysts’ expectations of $737.97 million. During the same quarter in the prior year, the business posted $1.96 EPS. The business’s revenue was up 15.3% compared to the same quarter last year. Analysts predict that Western Alliance Bancorporation will post 7.39 EPS for the current year.

Insider Buying and Selling

In related news, insider Barbara Kennedy sold 11,083 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $81.59, for a total value of $904,261.97. Following the sale, the insider now directly owns 7,977 shares in the company, valued at $650,843.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Western Alliance Bancorporation news, insider Barbara Kennedy sold 11,083 shares of Western Alliance Bancorporation stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $81.59, for a total transaction of $904,261.97. Following the transaction, the insider now owns 7,977 shares of the company’s stock, valued at $650,843.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen Russell Curley sold 5,070 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $76.43, for a total value of $387,500.10. Following the completion of the transaction, the insider now directly owns 36,718 shares in the company, valued at approximately $2,806,356.74. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,265 shares of company stock worth $1,700,391. Insiders own 2.75% of the company’s stock.

Institutional Trading of Western Alliance Bancorporation

Several hedge funds have recently modified their holdings of WAL. UMB Bank n.a. lifted its stake in Western Alliance Bancorporation by 136.8% in the third quarter. UMB Bank n.a. now owns 431 shares of the financial services provider’s stock valued at $37,000 after buying an additional 249 shares in the last quarter. Wedmont Private Capital boosted its stake in shares of Western Alliance Bancorporation by 5.7% during the 3rd quarter. Wedmont Private Capital now owns 5,102 shares of the financial services provider’s stock worth $429,000 after acquiring an additional 276 shares during the period. Atomi Financial Group Inc. bought a new position in shares of Western Alliance Bancorporation in the third quarter valued at about $229,000. GAMMA Investing LLC lifted its position in Western Alliance Bancorporation by 124.1% during the third quarter. GAMMA Investing LLC now owns 1,134 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 628 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in Western Alliance Bancorporation in the 3rd quarter valued at $722,000. Institutional investors and hedge funds own 79.15% of the company’s stock.

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.