Hsbc Holdings PLC Increases Stock Position in Western Alliance Bancorporation $WAL

Key Points

• HSBC increased its Western Alliance Bancorporation stake by 134.8% in the second quarter, acquiring 65,204 additional shares and bringing its holdings to 113,570 shares valued at approximately $9.33 million.
• Institutional investors and hedge funds own 79.15% of WAL. Analysts maintain a favorable outlook, with 11 Buy ratings, four Holds, a consensus “Moderate Buy” rating, and an average price target of $95.47.
• Western Alliance reported quarterly EPS of $2.36, in line with estimates, while revenue of $995.7 million exceeded forecasts and rose 17.7% year over year. The company also pays a quarterly dividend of $0.42 per share, yielding about 2.1% annually.

Hsbc Holdings PLC grew its holdings in Western Alliance Bancorporation (NYSE:WAL - Free Report) by 134.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,570 shares of the financial services provider's stock after purchasing an additional 65,204 shares during the quarter. Hsbc Holdings PLC owned approximately 0.10% of Western Alliance Bancorporation worth $9,333,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of WAL. NewEdge Advisors LLC grew its holdings in Western Alliance Bancorporation by 71.2% during the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock valued at $600,000 after buying an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Western Alliance Bancorporation by 513.5% in the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock worth $133,000 after acquiring an additional 1,448 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Western Alliance Bancorporation by 24.0% in the first quarter. Goldman Sachs Group Inc. now owns 111,883 shares of the financial services provider's stock worth $8,596,000 after acquiring an additional 21,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Western Alliance Bancorporation by 11.3% in the first 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 acquiring an additional 35,276 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of Western Alliance Bancorporation by 11.3% in the second quarter. Cetera Investment Advisers now owns 7,017 shares of the financial services provider's stock valued at $547,000 after acquiring an additional 713 shares in the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the company. Stephens set a $95.00 price objective on Western Alliance Bancorporation and gave the stock an "overweight" rating in a research report on Thursday, July 23rd. Mizuho set a $96.00 target price on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Piper Sandler upped their target price on shares of Western Alliance Bancorporation from $92.00 to $97.00 and gave the company an "overweight" rating in a report on Friday, July 24th. Stifel Nicolaus set a $95.00 price target on shares of Western Alliance Bancorporation in a research note on Thursday, July 23rd. Finally, Citigroup lifted their price target on shares of Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a "buy" rating in a report on Thursday, June 25th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $95.47.

Western Alliance Bancorporation Price Performance

Shares of NYSE:WAL opened at $79.61 on Thursday. The company has a market cap of $8.69 billion, a P/E ratio of 8.97, a P/E/G ratio of 0.77 and a beta of 1.33. The business has a fifty day simple moving average of $81.01 and a 200-day simple moving average of $78.86. Western Alliance Bancorporation has a 52 week low of $65.82 and a 52 week high of $97.23. The company has a quick ratio of 0.81, a current ratio of 0.86 and a debt-to-equity ratio of 0.93.

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

Western Alliance Bancorporation Announces Dividend

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

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.

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