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Although the revenue and EPS for Western Alliance (WAL) give a sense of how its business performed in the quarter ended June 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Shares of Western Alliance Bancorp. WAL, +8.13% dropped more than 5% in the extended session Tuesday after the Phoenix bank narrowly missed quarterly per-share earnings expectations but assured investors it had bolstered its liquidity.
Western Alliance Bancorporation is set to release its Q2 earnings report on July 18th, with key metrics to watch including deposits, asset rebalancing, and net interest margin (NIM). Analysts' projections for WAL's Q2 2023 results suggest a contraction in sales by about 4.3%, and in EPS by about 18%. Heading into Q2, I expect no negative surprises concerning the company's liquidity and solvency. However, there might be challenges in terms of NIM and earnings.
PHOENIX--(BUSINESS WIRE)--Western Alliance Bancorporation Announces Second Quarter 2023 Earnings Release Date, Conference Call and Webcast.
JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. kick off second-quarter earnings season Friday after one of the choppiest three-month periods for the banking sector since the global financial crisis.
This segment originally aired on June 23, 2023. The banking sector is still filling in the cracks left by the collapse of Silicon Valley Bank and other regional banks.
Western Alliance was caught up in the regional bank contagion. Deposits have settled down, however, and the shares are inexpensive.
Western Alliance Bancorporation is a core consideration for investors looking to ride the post-crisis recovery. The bank's Series A preferred shares offer a 7.34% yield and are trading at a 42% discount to their $25 par value. Strong deposit growth and the Fed pausing interest rate hikes would likely signal that the banking crisis has come to an end.
Heading into Wednesday's trading session, regional banks continue to look incredibly vulnerable from the short side and any weakness should be aggressively pounced upon by traders. Since putting in multi-year lows on May 11, the SPDR S&P Regional Banking ETF KRE has rallied into the end of the month, moving from ~$36.00 to close just above $40.00 on Tuesday.
Exante Data Inc. Founder and CEO Jens Nordvig joins Yahoo Finance Live to discuss the rise of PacWest and Western Alliance stocks after announcing the sale of real estate and the banking sector's outlook amid system failures.