JPMorgan Chase & Co. Has $16.54 Million Stock Position in Western Alliance Bancorporation (NYSE:WAL)

JPMorgan Chase & Co. lifted its holdings in Western Alliance Bancorporation (NYSE:WAL) by 49.5% in the 3rd quarter, Holdings Channel reports. The firm owned 191,188 shares of the financial services provider’s stock after buying an additional 63,283 shares during the quarter. JPMorgan Chase & Co.’s holdings in Western Alliance Bancorporation were worth $16,536,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research firms have weighed in on WAL. UBS Group initiated coverage on shares of Western Alliance Bancorporation in a research report on Tuesday, December 17th. They issued a “buy” rating and a $115.00 price objective for the company. Truist Financial reduced their price objective on Western Alliance Bancorporation from $100.00 to $95.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Wedbush lifted their price target on shares of Western Alliance Bancorporation from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Royal Bank of Canada set a $99.00 target price on shares of Western Alliance Bancorporation and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company reduced their price target on Western Alliance Bancorporation from $102.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Western Alliance Bancorporation has an average rating of “Moderate Buy” and a consensus price target of $94.31.

Western Alliance Bancorporation Trading Down 2.9 %

Shares of NYSE:WAL opened at $78.46 on Friday. The firm has a market cap of $8.64 billion, a price-to-earnings ratio of 12.11, a PEG ratio of 1.41 and a beta of 1.46. The company has a quick ratio of 0.82, a current ratio of 0.85 and a debt-to-equity ratio of 0.61. Western Alliance Bancorporation has a 12 month low of $53.75 and a 12 month high of $98.10. The company’s fifty day simple moving average is $88.43 and its 200 day simple moving average is $81.81.

Western Alliance Bancorporation (NYSE:WAL) last released its 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). The firm had revenue of $833.10 million during the quarter, compared to the consensus estimate of $811.40 million. Western Alliance Bancorporation had a net margin of 14.66% and a return on equity of 13.16%. As a group, research analysts forecast that Western Alliance Bancorporation will post 7.14 EPS for the current fiscal year.

Western Alliance Bancorporation Increases Dividend

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

Western Alliance Bancorporation 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.