Western Alliance Bancorporation (NYSE:WAL) Cut to “Neutral” at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) was downgraded by equities researchers at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $105.00 price target on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 17.05% from the company’s previous close.

WAL has been the subject of several other reports. Weiss Ratings restated a “hold (c+)” rating on shares of Western Alliance Bancorporation in a research note on Monday, December 29th. Wall Street Zen upgraded shares of Western Alliance Bancorporation from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. TD Cowen dropped their price objective on shares of Western Alliance Bancorporation from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Wednesday, January 7th. Keefe, Bruyette & Woods reduced their target price on shares of Western Alliance Bancorporation from $100.00 to $95.00 and set an “outperform” rating for the company in a report on Thursday, October 23rd. Finally, Industrial Alliance Securities set a $101.00 target price on shares of Western Alliance Bancorporation in a research report on Wednesday. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $101.73.

Western Alliance Bancorporation Price Performance

NYSE WAL opened at $89.71 on Wednesday. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 0.54 and a beta of 1.34. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.85 and a quick ratio of 0.80. The stock’s fifty day moving average price is $85.56 and its 200 day moving average price is $83.67. Western Alliance Bancorporation has a 1 year low of $57.05 and a 1 year high of $94.40.

Insider Buying and Selling at Western Alliance Bancorporation

In other news, CFO Dale Gibbons bought 4,000 shares of the stock in a transaction dated Thursday, October 30th. The shares were acquired at an average cost of $77.00 per share, with a total value of $308,000.00. Following the purchase, the chief financial officer directly owned 300,358 shares in the company, valued at $23,127,566. The trade was a 1.35% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.75% of the company’s stock.

Hedge Funds Weigh In On Western Alliance Bancorporation

A number of large investors have recently bought and sold shares of the business. WCM Investment Management LLC grew its stake in Western Alliance Bancorporation by 5.4% during the 2nd quarter. WCM Investment Management LLC now owns 234,809 shares of the financial services provider’s stock valued at $18,226,000 after acquiring an additional 12,116 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Western Alliance Bancorporation by 17.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 3,842 shares of the financial services provider’s stock worth $327,000 after purchasing an additional 580 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of Western Alliance Bancorporation by 0.9% in the second quarter. William Blair Investment Management LLC now owns 2,313,336 shares of the financial services provider’s stock valued at $180,394,000 after purchasing an additional 20,704 shares in the last quarter. Congress Asset Management Co. increased its holdings in shares of Western Alliance Bancorporation by 14.5% in the third quarter. Congress Asset Management Co. now owns 215,419 shares of the financial services provider’s stock valued at $18,681,000 after purchasing an additional 27,329 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. increased its stake in shares of Western Alliance Bancorporation by 100.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the financial services provider’s stock worth $3,275,000 after acquiring an additional 21,000 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company’s stock.

About Western Alliance Bancorporation

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.