These Analysts Boost Their Forecasts On Western Alliance After Upbeat Earnings
Western Alliance Bancorporation (NYSE:WAL) posted upbeat quarterly results, after the closing bell on Thursday.
Western Alliance reported quarterly earnings of $1.75 per share which beat the analyst consensus estimate of $1.71 per share. The company reported quarterly sales of $771.80 million which beat the analyst consensus estimate of $737.64 million, according to data from Benzinga Pro.
“Western Alliance delivered strong second quarter results featuring robust net interest income growth, gathering loan momentum, and sustained deposit generation,” said Kenneth A. Vecchione, President and Chief Executive Officer. “With balance sheet repositioning actions completed, our focus is rededicated to generating safe, sound risk-adjusted growth supported by an enhanced liquidity profile and sturdy capital base. We achieved net income of $193.6 million and earnings per share of $1.75 for the second quarter 2024, which resulted in a return on tangible common equity1 of 14.3%. Capital generation continued to improve as pre-provision net revenue grew 22% linked quarter annualized excluding the impact of the FDIC special assessment.. Tangible book value per share1 climbed 13.2% year-over-year to $48.79 with a CET1 ratio of 11.0%.”
Western Alliance shares gained 7.9% to close at $76.72 on Friday.
These analysts made changes to their price targets on Western Alliance following the announcement.
- Piper Sandler analyst Matthew Clark maintained Western Alliance with an Overweight rating and raised the price target from $76 to $93.
- Barclays analyst Jared Shaw maintained the stock with an Overweight rating, while increasing the price target from $86 to $92.
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