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

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

A number of other research analysts also recently weighed in on WAL. Royal Bank of Canada set a $99.00 price target on Western Alliance Bancorporation and gave the company an “outperform” rating in a research note on Friday, October 18th. Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a “hold” rating to a “buy” rating and increased their target price for the company from $83.00 to $101.00 in a research note on Monday, October 7th. Wedbush boosted their target price on Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Wells Fargo & Company cut their price target on shares of Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday. Finally, Truist Financial decreased their price objective on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating for the company in a report on Monday, October 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.31.

Western Alliance Bancorporation Price Performance

Shares of WAL stock opened at $80.63 on Tuesday. The firm 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. The stock has a 50-day moving average price of $88.57 and a 200 day moving average price of $81.70.

Western Alliance Bancorporation (NYSE:WAL) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.80 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.10). Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. The business had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Research analysts expect that Western Alliance Bancorporation will post 7.14 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Oliver Luxxe Assets LLC boosted its position in Western Alliance Bancorporation by 5.2% during the 4th quarter. Oliver Luxxe Assets LLC now owns 50,301 shares of the financial services provider’s stock worth $4,202,000 after acquiring an additional 2,492 shares during the last quarter. Nordea Investment Management AB grew its position in Western Alliance Bancorporation by 3.1% in the fourth quarter. Nordea Investment Management AB now owns 88,012 shares of the financial services provider’s stock valued at $7,395,000 after purchasing an additional 2,632 shares in the last quarter. Everence Capital Management Inc. bought a new position in Western Alliance Bancorporation in the fourth quarter valued at $244,000. GAMMA Investing LLC increased its position in shares of Western Alliance Bancorporation by 25.5% in the fourth quarter. GAMMA Investing LLC now owns 1,423 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 289 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Western Alliance Bancorporation by 13.4% during the 4th quarter. Versant Capital Management Inc now owns 1,325 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 157 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors.

Western Alliance Bancorporation Company Profile

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.