These Analysts Boost Their Forecasts On Western Alliance After Upbeat Earnings

Core Viewpoint - Western Alliance Bancorporation reported strong second quarter results, highlighting significant growth in net interest income, loan momentum, and deposit generation [3]. Financial Performance - The company achieved a net income of $193.6 million and earnings per share of $1.75 for Q2 2024, surpassing the analyst consensus estimate of $1.71 per share [4]. - Quarterly sales reached $771.80 million, exceeding the analyst consensus estimate of $737.64 million [4]. - The return on tangible common equity was reported at 14.3% [3]. - Pre-provision net revenue grew by 22% on a linked quarter annualized basis, excluding the impact of the FDIC special assessment [3]. - Tangible book value per share increased by 13.2% year-over-year to $48.79, with a CET1 ratio of 11.0% [3]. Market Reaction - Following the earnings announcement, Western Alliance shares rose by 7.9%, closing at $76.72 [5]. - Analysts from Piper Sandler and Barclays maintained an Overweight rating on the stock, with Piper Sandler raising the price target from $76 to $93 and Barclays increasing it from $86 to $92 [5].