Hsbc Holdings PLC Takes $9.33 Million Position in Western Alliance Bancorporation $WAL

Hsbc Holdings PLC acquired a new position in shares of Western Alliance Bancorporation (NYSE:WAL) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 113,570 shares of the financial services provider’s stock, valued at approximately $9,333,000.

Other institutional investors have also made changes to their positions in the company. Canada Pension Plan Investment Board bought a new stake in Western Alliance Bancorporation in the second quarter valued at about $2,260,000. Legal & General Group Plc bought a new position in Western Alliance Bancorporation during the second quarter worth about $11,168,000. The Manufacturers Life Insurance Company bought a new position in Western Alliance Bancorporation during the second quarter worth about $6,829,000. Algert Global LLC boosted its holdings in Western Alliance Bancorporation by 15.1% during the second quarter. Algert Global LLC now owns 336,109 shares of the financial services provider’s stock valued at $27,628,000 after purchasing an additional 43,973 shares in the last quarter. Finally, Cibc World Market Inc. acquired a new stake in Western Alliance Bancorporation during the second quarter valued at approximately $2,096,000. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on WAL shares. Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a report on Thursday, July 23rd. Stephens set a $95.00 price target on Western Alliance Bancorporation and gave the company an “overweight” rating in a research note on Thursday, July 23rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Western Alliance Bancorporation in a research report on Friday, August 21st. Piper Sandler upped their price target on Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an “overweight” rating in a research report on Friday, July 24th. Finally, Citigroup increased their price objective on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, June 25th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Western Alliance Bancorporation has a consensus rating of “Moderate Buy” and a consensus price target of $95.47.

Western Alliance Bancorporation Price Performance

Shares of Western Alliance Bancorporation stock opened at $78.72 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $8.59 billion, a price-to-earnings ratio of 8.86, a P/E/G ratio of 0.76 and a beta of 1.34. Western Alliance Bancorporation has a 1-year low of $65.82 and a 1-year high of $97.23. The firm’s 50-day moving average price is $81.29 and its two-hundred day moving average price is $79.78.

Western Alliance Bancorporation (NYSE:WAL) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.36. The company had revenue of $995.70 million during the quarter, compared to analysts’ expectations of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. Western Alliance Bancorporation’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.07 earnings per share. On average, equities analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current fiscal year.

Western Alliance Bancorporation Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 27th. Shareholders of record on Thursday, August 13th were given a $0.42 dividend. The ex-dividend date was Thursday, August 13th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation’s payout ratio is presently 18.92%.

Insider Transactions at Western Alliance Bancorporation

In other Western Alliance Bancorporation 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 transaction, the chief accounting officer owned 3,485 shares of the company’s stock, valued at approximately $282,285. The trade was a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.76% of the company’s stock.

Western Alliance Bancorporation Profile

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.