Western Alliance Bancorporation $WAL Shares Acquired by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Western Alliance Bancorporation by 635% in the first quarter, ending with 48,366 shares valued at about $3.41 million.
• Western Alliance reported strong quarterly results, with earnings of $2.36 per share matching estimates and revenue of $995.7 million topping forecasts, while revenue rose 17.7% year over year.
• Analysts remain generally positive on the stock, with 11 Buy ratings and an average price target of $94.71; the shares recently traded around $83.01 and also carry a 2.0% dividend yield.

Hsbc Holdings PLC lifted its stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) by 635.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 48,366 shares of the financial services provider's stock after acquiring an additional 41,786 shares during the period. Hsbc Holdings PLC's holdings in Western Alliance Bancorporation were worth $3,409,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Western Alliance Bancorporation by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,746,867 shares of the financial services provider's stock worth $735,350,000 after purchasing an additional 777,369 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Western Alliance Bancorporation by 7.9% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,450,408 shares of the financial services provider's stock valued at $542,286,000 after purchasing an additional 470,492 shares during the last quarter. Invesco Ltd. boosted its holdings in Western Alliance Bancorporation by 3.4% in the 3rd quarter. Invesco Ltd. now owns 6,016,027 shares of the financial services provider's stock valued at $521,710,000 after purchasing an additional 197,854 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Western Alliance Bancorporation by 2.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,777,461 shares of the financial services provider's stock valued at $317,574,000 after buying an additional 102,943 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Western Alliance Bancorporation by 1.6% in the 3rd quarter. Wellington Management Group LLP now owns 2,288,233 shares of the financial services provider's stock valued at $198,436,000 after buying an additional 36,364 shares during the period. Institutional investors and hedge funds own 79.15% of the company's stock.

Insider Buying and Selling at Western Alliance Bancorporation

In related news, CAO Ben Mucha sold 5,946 shares of Western Alliance Bancorporation 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 completion of the transaction, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. This trade represents a 63.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on WAL shares. Weiss Ratings raised shares of Western Alliance Bancorporation from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. Mizuho set a $96.00 price objective on Western Alliance Bancorporation in a research report on Thursday. Barclays cut their target price on Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating for the company in a research note on Tuesday, April 7th. Stifel Nicolaus set a $95.00 target price on Western Alliance Bancorporation in a research report on Thursday. Finally, Keefe, Bruyette & Woods upped their price target on Western Alliance Bancorporation from $93.00 to $94.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Western Alliance Bancorporation has an average rating of "Moderate Buy" and an average target price of $94.71.

Western Alliance Bancorporation Trading Up 0.0%

NYSE WAL opened at $83.01 on Friday. The firm has a 50 day simple moving average of $80.57 and a 200-day simple moving average of $81.22. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.81 and a current ratio of 0.85. Western Alliance Bancorporation has a one year low of $65.82 and a one year high of $97.23. The firm has a market cap of $9.06 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 0.75 and a beta of 1.34.

Western Alliance Bancorporation (NYSE:WAL - Get Free Report) last announced 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. The firm had revenue of $995.70 million for the quarter, compared to the consensus estimate of $980.53 million. Western Alliance Bancorporation had a net margin of 17.20% and a return on equity of 13.40%. The firm's revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.07 EPS. Equities research analysts anticipate that Western Alliance Bancorporation will post 9.5 EPS for the current fiscal year.

Western Alliance Bancorporation Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Thursday, May 14th were given a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.0%. Western Alliance Bancorporation's dividend payout ratio is currently 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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