Western Alliance Bancorporation (NYSE:WAL) Stock Price Target Lowered at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its target price reduced by analysts at JPMorgan Chase & Co. from $93.00 to $90.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 21.24% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Citigroup decreased their target price on shares of 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. Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the company an “overweight” rating in a report on Thursday, July 23rd. Mizuho set a $96.00 price objective on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. DA Davidson set a $36.00 price objective on Western Alliance Bancorporation in a report on Wednesday, July 22nd. Finally, Piper Sandler increased their target price on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an “overweight” rating in a research report on Friday, July 24th. Eleven research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $93.12.

Western Alliance Bancorporation Trading Down 1.2%

Western Alliance Bancorporation stock traded down $0.87 during trading on Thursday, hitting $74.23. The company’s stock had a trading volume of 570,488 shares, compared to its average volume of 1,167,208. The stock’s fifty day moving average is $79.92 and its 200 day moving average is $78.56. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23. The stock has a market capitalization of $8.10 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 0.77 and a beta of 1.33. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.86.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.36. The firm had revenue of $995.70 million for the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The firm’s quarterly revenue was up 17.7% on a year-over-year basis. During the same period last year, the company earned $2.07 EPS. As a group, equities research analysts predict that Western Alliance Bancorporation will post 9.16 EPS for the current year.

Hedge Funds Weigh In On Western Alliance Bancorporation

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Western Alliance Bancorporation in the 2nd quarter valued at $174,329,000. Focus Partners Advisor Solutions LLC acquired a new position in shares of Western Alliance Bancorporation during the second quarter worth about $1,877,000. Independent Financial Group LLC purchased a new stake in shares of Western Alliance Bancorporation in the first quarter worth about $924,000. GSA Capital Partners LLP acquired a new stake in shares of Western Alliance Bancorporation in the second quarter valued at about $2,051,000. Finally, Hsbc Holdings PLC grew its stake in shares of Western Alliance Bancorporation by 635.0% in the first quarter. Hsbc Holdings PLC now owns 48,366 shares of the financial services provider’s stock valued at $3,409,000 after buying an additional 41,786 shares in the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

Western Alliance Bancorporation Company Profile

Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Western Alliance Bank, provides commercial and consumer banking services to businesses, institutions, entrepreneurs and individuals.

The company offers a range of financial products and services, including commercial and industrial loans, commercial real estate lending, residential mortgage warehouse financing, deposit accounts, treasury management, digital banking, payment services and personal banking products.