JPMorgan Chase & Co. Raises Holdings in Western Alliance Bancorporation (NYSE:WAL)

JPMorgan Chase & Co. boosted its position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 49.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 191,188 shares of the financial services provider's stock after acquiring an additional 63,283 shares during the period. JPMorgan Chase & Co. owned about 0.17% of Western Alliance Bancorporation worth $16,536,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of WAL. V Square Quantitative Management LLC acquired a new position in shares of Western Alliance Bancorporation during the third quarter worth $31,000. ORG Wealth Partners LLC acquired a new position in shares of Western Alliance Bancorporation during the 3rd quarter worth about $33,000. UMB Bank n.a. increased its holdings in shares of Western Alliance Bancorporation by 136.8% in the 3rd quarter. UMB Bank n.a. now owns 431 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 249 shares during the last quarter. Blue Trust Inc. raised its position in shares of Western Alliance Bancorporation by 58.4% during the 3rd quarter. Blue Trust Inc. now owns 507 shares of the financial services provider's stock worth $44,000 after acquiring an additional 187 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Western Alliance Bancorporation by 167.5% during the 3rd quarter. Covestor Ltd now owns 634 shares of the financial services provider's stock worth $55,000 after acquiring an additional 397 shares in the last quarter. 79.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WAL has been the topic of several recent analyst reports. Wedbush increased their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the company an "outperform" rating in a research note on Tuesday, September 24th. Piper Sandler cut their price target on shares of Western Alliance Bancorporation from $102.00 to $101.00 and set an "overweight" rating on the stock in a research note on Monday, October 21st. UBS Group assumed coverage on shares of Western Alliance Bancorporation in a research note on Tuesday, December 17th. They issued a "buy" rating and a $115.00 price objective for the company. Truist Financial cut their target price on Western Alliance Bancorporation from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Monday, October 21st. Finally, Deutsche Bank Aktiengesellschaft raised Western Alliance Bancorporation from a "hold" rating to a "buy" rating and upped their target price for the company from $83.00 to $101.00 in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $94.31.

Western Alliance Bancorporation Stock Performance

Shares of Western Alliance Bancorporation stock traded down $2.31 on Friday, reaching $78.46. 1,236,036 shares of the stock were exchanged, compared to its average volume of 1,080,989. The firm has a market capitalization of $8.64 billion, a PE ratio of 12.11, a PEG ratio of 1.41 and a beta of 1.46. Western Alliance Bancorporation has a 1-year low of $53.75 and a 1-year high of $98.10. The business has a fifty day moving average price of $88.43 and a two-hundred day moving average price of $81.96. The company has a current ratio of 0.85, a quick ratio of 0.82 and a debt-to-equity ratio of 0.61.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.10). The business had revenue of $833.10 million for the quarter, compared to analyst estimates of $811.40 million. Western Alliance Bancorporation had a return on equity of 13.16% and a net margin of 14.66%. As a group, research analysts anticipate that Western Alliance Bancorporation will post 7.14 earnings per share for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 15th were given a $0.38 dividend. This is a boost from Western Alliance Bancorporation's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.52 annualized dividend and a yield of 1.94%. Western Alliance Bancorporation's dividend payout ratio is presently 23.46%.

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.