JPMorgan Chase & Co. Issues Pessimistic Forecast for Western Alliance Bancorporation (NYSE:WAL) Stock Price

Western Alliance Bancorporation (NYSE:WAL) had its price objective lowered by analysts at JPMorgan Chase & Co. from $110.00 to $105.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 30.22% from the stock’s current price.

Other research analysts also recently issued reports about the company. Truist Financial cut their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Wedbush upped their price objective on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. UBS Group initiated coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They issued a “buy” rating and a $115.00 target price on the stock. Stephens reissued an “overweight” rating and set a $102.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, October 18th. Finally, Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.31.

Western Alliance Bancorporation Stock Down 1.2 %

WAL stock opened at $80.63 on Tuesday. The company has a 50 day moving average of $88.57 and a two-hundred day moving average of $81.70. The company has a market cap of $8.87 billion, a price-to-earnings ratio of 12.44, a PEG ratio of 1.41 and a beta of 1.46. Western Alliance Bancorporation has a 12-month low of $53.75 and a 12-month high of $98.10. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.10). The firm had revenue of $833.10 million for the quarter, compared to analysts’ expectations of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. On average, equities 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 hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp boosted its stake in Western Alliance Bancorporation by 46.2% in the third quarter. State Street Corp now owns 4,488,345 shares of the financial services provider’s stock worth $388,197,000 after purchasing an additional 1,418,472 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Western Alliance Bancorporation by 20.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,722,389 shares of the financial services provider’s stock worth $233,832,000 after buying an additional 636,577 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Western Alliance Bancorporation by 0.7% during the 2nd quarter. William Blair Investment Management LLC now owns 2,813,823 shares of the financial services provider’s stock worth $176,764,000 after acquiring an additional 20,876 shares during the last quarter. FMR LLC increased its position in Western Alliance Bancorporation by 93.3% in the 3rd quarter. FMR LLC now owns 2,793,014 shares of the financial services provider’s stock valued at $241,568,000 after acquiring an additional 1,347,921 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Western Alliance Bancorporation by 4.1% in the third quarter. Janus Henderson Group PLC now owns 1,896,377 shares of the financial services provider’s stock worth $164,019,000 after acquiring an additional 74,956 shares during the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.