WAL - Western Alliance: Solid Growth And Cheap Valuation (Rating Upgrade)
2024-04-26 02:03:44 ET
Summary
- Western Alliance Bancorporation reported better-than-expected earnings for Q1'24.
- Strong net interest income results drove the bank's earnings.
- Deposit balance increased by almost 31%, and high-cost borrowings declined by 61%.
- The valuation has become more attractive again lately as well.
Western Alliance Bancorporation ( WAL ) reported better than expected earnings for the first fiscal quarter on April 19, 2024. The regional bank posted almost flat net interest income year over year for Q1'24 due to a rapid repayment of outstanding borrowings that Western Alliance took on during last year's crisis in the regional banking market. The bank's deposits are also showing healthy growth, and the bank's latest consolidation provides a new entry opportunity for investors. With shares trading below my fair value estimate of $68, I believe the risk profile for investors is favorable!...
Western Alliance: Solid Growth And Cheap Valuation (Rating Upgrade)