Western Alliance Reports Q1 Earnings, Revenue Beats: What You Need To Know (CORRECTED)
Portfolio Pulse from Erica Kollmann
Western Alliance Bancorporation (NYSE:WAL) reported Q1 earnings of $1.60 per share, missing estimates by 3.61%, and a 30.43% decrease from last year. However, quarterly sales of $728.8 million exceeded estimates by 4.56%, marking a 32.05% increase year-over-year. The company saw a return on tangible common equity of 14.5% and a tangible book value per share increase of 13.8% to $47.30. CEO Kenneth A. Vecchione highlighted strong results, significant deposit growth, and a reduced loan-to-deposit ratio.
April 18, 2024 | 9:10 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Western Alliance reported mixed Q1 results with earnings missing estimates but revenue beating expectations. Shares fell 3.66% after-hours.
The earnings miss likely contributed to the negative after-hours price action, indicating investor disappointment. However, the revenue beat and positive comments from the CEO about balance sheet repositioning and deposit growth could provide some counterbalance. The short-term impact is negative due to the immediate price reaction, but the strong revenue figures and balance sheet improvements may mitigate longer-term impacts.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100