Western Alliance Bancorporation (NYSE:WAL) Given New $77.00 Price Target at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its target price cut by JPMorgan Chase & Co. from $105.00 to $77.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other analysts have also recently issued reports on WAL. TD Cowen cut shares of Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 target price for the company. in a research note on Monday, March 9th. Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a research note on Friday, January 9th. Wells Fargo & Company upgraded shares of Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and cut their price target for the company from $83.00 to $79.00 in a report on Monday, March 9th. UBS Group set a $93.00 price objective on shares of Western Alliance Bancorporation and gave the company a “buy” rating in a research note on Tuesday, March 10th. Finally, Citigroup decreased their price objective on shares of Western Alliance Bancorporation from $107.00 to $103.00 and set a “buy” rating for the company in a report on Monday, March 9th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $95.87.

Western Alliance Bancorporation Stock Up 2.1%

WAL opened at $72.34 on Wednesday. Western Alliance Bancorporation has a fifty-two week low of $57.05 and a fifty-two week high of $97.23. The business has a 50-day moving average of $82.03 and a 200-day moving average of $82.87. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.85 and a quick ratio of 0.80. The company has a market capitalization of $7.95 billion, a PE ratio of 8.29, a price-to-earnings-growth ratio of 0.61 and a beta of 1.37.

Western Alliance Bancorporation (NYSE:WAL) last announced its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 EPS for the quarter, beating the consensus estimate of $2.40 by $0.19. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.The business had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. During the same quarter in the previous year, the business posted $1.95 EPS. The firm’s quarterly revenue was up 17.0% compared to the same quarter last year. Equities research analysts forecast that Western Alliance Bancorporation will post 9.05 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Investors of record on Friday, February 20th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, February 20th. Western Alliance Bancorporation’s dividend payout ratio (DPR) is 19.24%.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of hedge funds have recently bought and sold shares of the company. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Western Alliance Bancorporation in the third quarter valued at about $26,000. Quent Capital LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth about $26,000. Salomon & Ludwin LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth about $27,000. Root Financial Partners LLC bought a new stake in Western Alliance Bancorporation during the 3rd quarter valued at approximately $27,000. Finally, Clearstead Advisors LLC boosted its stake in Western Alliance Bancorporation by 144.6% during the 4th quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 243 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.