Y Intercept Hong Kong Ltd Makes New Investment in Western Alliance Bancorporation $WAL

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Western Alliance Bancorporation, buying 25,970 shares worth about $1.84 million in the first quarter.
• Western Alliance reported strong quarterly results, with earnings of $2.22 per share versus analyst expectations of $1.48 and revenue up 31% year over year to $968.4 million.
• Analysts remain mostly positive on WAL, with a Moderate Buy consensus and an average price target of $94; the company also pays a quarterly dividend of $0.42 per share, or a 2.1% yield.

Y Intercept Hong Kong Ltd bought a new stake in shares of Western Alliance Bancorporation (NYSE:WAL - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 25,970 shares of the financial services provider's stock, valued at approximately $1,840,000.

Several other large investors have also recently made changes to their positions in the business. NewEdge Advisors LLC grew its stake in shares of Western Alliance Bancorporation by 71.2% in the 1st quarter. NewEdge Advisors LLC now owns 7,815 shares of the financial services provider's stock worth $600,000 after buying an additional 3,249 shares during the last quarter. Jones Financial Companies Lllp raised its stake in Western Alliance Bancorporation by 513.5% during the first quarter. Jones Financial Companies Lllp now owns 1,730 shares of the financial services provider's stock valued at $133,000 after buying an additional 1,448 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 worth $26,701,000 after acquiring an additional 35,276 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake 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 worth $547,000 after acquiring an additional 713 shares during the last quarter. 79.15% of the stock is currently owned by hedge funds and other institutional investors.

Western Alliance Bancorporation Price Performance

WAL opened at $80.04 on Friday. The company's 50-day simple moving average is $79.97 and its two-hundred day simple moving average is $81.49. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.81 and a current ratio of 0.86. The stock has a market capitalization of $8.74 billion, a P/E ratio of 9.32, a P/E/G ratio of 0.72 and a beta of 1.34. 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 results on Tuesday, April 21st. The financial services provider reported $2.22 EPS for the quarter, topping analysts' consensus estimates of $1.48 by $0.74. Western Alliance Bancorporation had a net margin of 17.03% and a return on equity of 13.58%. The firm had revenue of $968.40 million during the quarter, compared to analyst estimates of $944.18 million. During the same period in the previous year, the business posted $1.79 earnings per share. The business's revenue for the quarter was up 31.0% on a year-over-year basis. As a group, analysts predict that Western Alliance Bancorporation will post 9.49 EPS for the current year.

Western Alliance Bancorporation Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Thursday, May 14th were issued a $0.42 dividend. The ex-dividend date was Thursday, May 14th. This represents a $1.68 annualized dividend and a yield of 2.1%. Western Alliance Bancorporation's dividend payout ratio (DPR) is currently 19.56%.

Insider Buying and Selling

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 shares were sold at an average price of $81.00, for a total transaction of $481,626.00. Following the completion of the sale, the chief accounting officer directly owned 3,485 shares in the company, valued at approximately $282,285. The trade was a 63.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.68% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WAL shares. Citigroup lifted their price target on Western Alliance Bancorporation from $96.00 to $98.00 and gave the stock a "buy" rating in a research report on Thursday, June 25th. Barclays cut their price objective on shares of Western Alliance Bancorporation from $90.00 to $88.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Piper Sandler decreased their target price on shares of Western Alliance Bancorporation from $94.00 to $92.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Keefe, Bruyette & Woods lifted their target price on shares of Western Alliance Bancorporation from $93.00 to $94.00 and gave the stock an "outperform" rating in a report on Thursday, April 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Western Alliance Bancorporation from $86.00 to $90.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 1st. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $94.00.

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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