Bank of New York Mellon Corp Acquires Shares of 883,465 Western Alliance Bancorporation $WAL

Key Points

• Bank of New York Mellon acquired 883,465 shares of Western Alliance Bancorporation in the second quarter, worth approximately $72.6 million and representing about 0.81% of the company. Institutional investors collectively own 79.15% of WAL.
• Analysts maintain a favorable outlook, with 11 Buy ratings and four Holds, producing a consensus “Moderate Buy” rating and an average price target of $95.47 versus the stock’s reported $79.73 opening price.
• Western Alliance reported second-quarter EPS of $2.36 and revenue of $995.7 million, with revenue up 17.7% year over year. The company also declared a quarterly dividend of $0.42 per share, equivalent to a 2.1% annualized yield.

Bank of New York Mellon Corp bought a new position in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 883,465 shares of the financial services provider's stock, valued at approximately $72,621,000. Bank of New York Mellon Corp owned about 0.81% of Western Alliance Bancorporation as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. NewEdge Advisors LLC increased its stake in Western Alliance Bancorporation by 71.2% during the first quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after purchasing an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp lifted its position in shares of Western Alliance Bancorporation by 513.5% in the 1st quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock worth $133,000 after buying an additional 1,448 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Western Alliance Bancorporation by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock valued at $8,596,000 after buying an additional 21,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Western Alliance Bancorporation by 11.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,529 shares of the financial services provider's stock valued at $26,701,000 after buying an additional 35,276 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of Western Alliance Bancorporation by 11.3% during the 2nd quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider's stock valued at $547,000 after buying an additional 713 shares during the last quarter. Institutional investors and hedge funds own 79.15% of the company's stock.

Insider Activity

In other news, CAO Ben Mucha sold 5,946 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $81.00, for a total transaction of $481,626.00. Following the transaction, the chief accounting officer directly owned 3,485 shares of the company's stock, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Truist Financial upped their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "buy" rating in a report on Monday, July 27th. DA Davidson set a $36.00 price target on Western Alliance Bancorporation in a report on Wednesday, July 22nd. Piper Sandler raised their price target on Western Alliance Bancorporation from $92.00 to $97.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. Wells Fargo & Company boosted their price objective on Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. upped their price objective on Western Alliance Bancorporation from $90.00 to $93.00 and gave the stock a "neutral" rating in a research note on Thursday, July 23rd. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Western Alliance Bancorporation presently has a consensus rating of "Moderate Buy" and an average target price of $95.47.

Western Alliance Bancorporation Stock Performance

WAL opened at $79.73 on Wednesday. The business's 50 day moving average is $81.31 and its 200-day moving average is $79.98. The stock has a market cap of $8.70 billion, a PE ratio of 8.98, a price-to-earnings-growth ratio of 0.76 and a beta of 1.34. The company has a current ratio of 0.86, a quick ratio of 0.81 and a debt-to-equity ratio of 0.93. Western Alliance Bancorporation has a twelve month low of $65.82 and a twelve month high of $97.23.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $2.36. The business had revenue of $995.70 million during the quarter, compared to analyst estimates of $980.53 million. Western Alliance Bancorporation had a return on equity of 13.40% and a net margin of 17.20%.The business's revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.07 EPS. On average, analysts predict that Western Alliance Bancorporation will post 9.16 earnings per share for the current year.

Western Alliance Bancorporation Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 27th. Stockholders of record on Thursday, August 13th will be paid a $0.42 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $1.68 annualized dividend and a dividend yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio is presently 18.92%.

Western Alliance Bancorporation Company 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.

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