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

Key Points

• HSBC Holdings acquired 113,570 shares of Western Alliance Bancorporation in the second quarter, valued at approximately $9.33 million. Institutional investors collectively own 79.15% of the bank.
• Western Alliance reported second-quarter earnings of $2.36 per share, in line with estimates, while revenue rose 17.7% year over year to $995.7 million.
• The company pays a quarterly dividend of $0.42, equivalent to a 2.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $95.47, above the reported share price of $78.72.

Hsbc Holdings PLC bought a new position in Western Alliance Bancorporation (NYSE:WAL - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 113,570 shares of the financial services provider's stock, valued at approximately $9,333,000. Hsbc Holdings PLC owned about 0.10% of Western Alliance Bancorporation as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Western Alliance Bancorporation in the second quarter valued at approximately $926,898,000. Davis Asset Management L.P. bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth $274,219,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Western Alliance Bancorporation during the 2nd quarter worth $174,329,000. Norges Bank acquired a new position in Western Alliance Bancorporation in the 4th quarter valued at $125,482,000. Finally, Bank of New York Mellon Corp bought a new position in Western Alliance Bancorporation in the 2nd quarter worth $72,621,000. Institutional investors own 79.15% of the company's stock.

Western Alliance Bancorporation Stock Performance

NYSE WAL opened at $78.72 on Friday. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.86 and a quick ratio of 0.81. The firm 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. The company's fifty day moving average is $81.29 and its two-hundred day moving average is $79.78. Western Alliance Bancorporation has a 52-week low of $65.82 and a 52-week high of $97.23.

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

Western Alliance Bancorporation Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Stephens set a $95.00 price target on shares of Western Alliance Bancorporation and gave the company an "overweight" rating in a report on Thursday, July 23rd. Citigroup lifted 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. Wells Fargo & Company increased their target price on Western Alliance Bancorporation from $79.00 to $90.00 and gave the company an "equal weight" rating in a research note on Monday, August 10th. JPMorgan Chase & Co. raised their target price on Western Alliance Bancorporation from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Western Alliance Bancorporation in a research report on Friday, August 21st. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $95.47.

Insider Buying and Selling

In other Western Alliance Bancorporation news, CAO Ben Mucha sold 5,946 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 3,485 shares of the company's stock, valued at $282,285. This represents a 63.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.76% of the stock is currently owned by company insiders.

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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