Western Alliance Bancorporation (NYSE:WAL) Price Target Raised to $90.00 at JPMorgan Chase & Co.

Western Alliance Bancorporation (NYSE:WAL) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $86.00 to $90.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 8.21% from the stock’s previous close.

A number of other brokerages have also issued reports on WAL. TD Cowen lowered Western Alliance Bancorporation from a “buy” rating to a “hold” rating and set a $83.00 price target for the company. in a report on Monday, March 9th. Jefferies Financial Group reaffirmed an “overweight” rating and set a $105.00 target price on shares of Western Alliance Bancorporation in a research report on Friday, March 6th. UBS Group upped their target price on Western Alliance Bancorporation from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $83.00 to $79.00 in a research report on Monday, March 9th. Finally, Weiss Ratings raised shares of Western Alliance Bancorporation from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $94.00.

Western Alliance Bancorporation Trading Up 1.2%

WAL traded up $0.97 on Wednesday, reaching $83.17. 77,932 shares of the company traded hands, compared to its average volume of 1,227,735. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The firm has a fifty day simple moving average of $79.70 and a two-hundred day simple moving average of $81.75. The company has a market cap of $9.08 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 0.65 and a beta of 1.34. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.88.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.74. The company had revenue of $968.40 million during the quarter, compared to analysts’ expectations of $944.18 million. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The firm’s quarterly revenue was up 31.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.79 EPS. As a group, equities research analysts expect that Western Alliance Bancorporation will post 9.81 earnings per share for the current year.

Insider Activity

In other news, CAO Ben Mucha sold 5,946 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total value of $481,626.00. Following the completion of the transaction, the chief accounting officer directly owned 3,485 shares of the company’s stock, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.75% of the company’s stock.

Institutional Investors Weigh In On Western Alliance Bancorporation

A number of institutional investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC raised its holdings in Western Alliance Bancorporation by 144.6% in the fourth quarter. Clearstead Advisors LLC now owns 411 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 243 shares in the last quarter. Community Bank N.A. bought a new stake in shares of Western Alliance Bancorporation in the 3rd quarter valued at about $37,000. Los Angeles Capital Management LLC bought a new stake in shares of Western Alliance Bancorporation in the 4th quarter valued at about $38,000. Leonteq Securities AG purchased a new position in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $44,000. Finally, V Square Quantitative Management LLC purchased a new position in shares of Western Alliance Bancorporation in the 4th quarter worth approximately $45,000. Institutional investors 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.