Western Alliance Bancorporation $WAL Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of Western Alliance Bancorporation (NYSE:WAL) by 6.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 244,989 shares of the financial services provider’s stock after selling 16,790 shares during the period. JPMorgan Chase & Co.’s holdings in Western Alliance Bancorporation were worth $21,245,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Halbert Hargrove Global Advisors LLC acquired a new position in Western Alliance Bancorporation in the third quarter valued at $26,000. Quent Capital LLC purchased a new stake in Western Alliance Bancorporation during the third quarter valued at about $26,000. Salomon & Ludwin LLC acquired a new stake in Western Alliance Bancorporation during the third quarter worth about $27,000. Root Financial Partners LLC acquired a new stake in Western Alliance Bancorporation during the third quarter worth about $27,000. Finally, Community Bank N.A. purchased a new position in shares of Western Alliance Bancorporation in the 3rd quarter worth about $37,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised Western Alliance Bancorporation from an “underweight” rating to an “equal weight” rating and reduced their price objective for the company from $83.00 to $79.00 in a research note on Monday, March 9th. Truist Financial set a $98.00 price target on shares of Western Alliance Bancorporation in a report on Friday, January 9th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $105.00 price target (up from $100.00) on shares of Western Alliance Bancorporation in a research report on Wednesday, January 28th. Jefferies Financial Group reiterated an “overweight” rating and set a $105.00 price objective on shares of Western Alliance Bancorporation in a research note on Friday, March 6th. Finally, Citigroup dropped 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 research report on Monday, March 9th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Western Alliance Bancorporation currently has a consensus rating of “Moderate Buy” and an average price target of $97.73.

Western Alliance Bancorporation Stock Performance

Shares of NYSE:WAL opened at $69.72 on Wednesday. The company has a market cap of $7.66 billion, a P/E ratio of 7.99, a PEG ratio of 0.60 and a beta of 1.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.80 and a current ratio of 0.85. Western Alliance Bancorporation has a one year low of $57.05 and a one year high of $97.23. The business’s 50-day simple moving average is $84.27 and its 200 day simple moving average is $83.63.

Western Alliance Bancorporation (NYSE:WAL) last released its quarterly earnings results on Tuesday, January 27th. The financial services provider reported $2.59 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.19. The firm had revenue of $890.80 million during the quarter, compared to analysts’ expectations of $912.69 million. Western Alliance Bancorporation had a return on equity of 13.33% and a net margin of 18.04%.Western Alliance Bancorporation’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.95 EPS. On average, sell-side analysts forecast that Western Alliance Bancorporation will post 9.05 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 20th were paid a $0.42 dividend. The ex-dividend date was Friday, February 20th. This represents a $1.68 annualized dividend and a dividend yield of 2.4%. Western Alliance Bancorporation’s dividend payout ratio is 19.24%.

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.