Western Alliance Bancorp Stock Research

Market Summary

USD34.05+1.00

Market Closed

3.03%

WAL Alerts

1 major insider buys and 1 major insider sales recently.
Big jump in Revenue (Y/Y)

WAL Stock Price

WAL RSI Chart

WAL Valuation

Market Cap

3.7B

Price/Earnings (Trailing)

3.46

Price/Sales (Trailing)

1.36

EV/EBITDA

1.07

Price/Free Cashflow

1.63

WAL Price/Sales (Trailing)

WAL Profitability

EBT Margin

48.89%

Return on Equity

19.74%

Return on Assets

1.56%

Free Cashflow Yield

61.34%

WAL Fundamentals

WAL Revenue

Revenue (TTM)

2.7B

Revenue Y/Y

83.8%

Revenue Q/Q

20.14%

WAL Earnings

Earnings (TTM)

1.1B

Earnings Y/Y

19.11%

Earnings Q/Q

10.98%

Price Action

52 Week Range

7.4686.35

(Low)(High)

Last 7 days

16.6%

Last 30 days

-53.9%

Last 90 days

-40.5%

Trailing 12 Months

-60.0%

WAL Financial Health

Debt/Equity

0.23

Debt/Cashflow

1.84

WAL Investor Care

Dividend Yield

4.15%

Dividend/Share (TTM)

1.41

Shares Dilution (1Y)

4.07%

Diluted EPS (TTM)

9.7

Peers (Alternatives to Western Alliance Bancorp)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
BNS	56.4B	40.0B	-7.13%	-31.27%	5.3	1.79	34.99%	-10.60%
MTB	20.6B	6.2B	-24.47%	-35.33%	14.94	3.3	58.61%	-25.85%
CFG	15.0B	7.1B	-27.24%	-35.42%	7.24	2.13	45.54%	-10.61%
MID-CAP
EWBC	7.9B	2.3B	-27.45%	-31.57%	6.96	3.38	43.40%	29.22%
CBSH	6.9B	999.0M	-13.03%	-20.31%	14.19	6.94	17.76%	-7.98%
SIVB	6.3B	5.7B	-67.21%	-80.32%	3.9	1.11	72.48%	-22.38%
PB	5.7B	1.1B	-15.87%	-11.52%	10.86	5.2	4.58%	1.01%
FFIN	4.6B	432.9M	-13.68%	-29.01%	19.5	10.56	15.00%	3.04%
BPOP	3.9B	2.5B	-23.36%	-35.34%	3.56	1.59	16.17%	17.94%
WAL	3.7B	2.7B	-53.87%	-59.97%	3.46	1.36	62.28%	17.58%
SMALL-CAP
BANR	1.9B	450.9M	-14.93%	-8.52%	9.52	4.12	1.16%	-2.82%
SBCF	1.8B	380.5M	-19.90%	-31.74%	16.43	4.6	51.31%	-14.39%
HTLF	1.7B	674.7M	-21.41%	-20.26%	7.78	2.45	14.59%	-3.52%
LKFN	1.6B	239.6M	-10.34%	-14.83%	15.62	6.77	23.99%	8.44%

Financials for Western Alliance Bancorp

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	17.7%	2,692	2,287	1,990	1,809	1,659
EBITDA	7.6%	3,585	3,333	3,111	2,907	2,706
EBITDA Margin	-8.6%	1.33*	1.46*	1.56*	1.61*	1.63*
Earnings Before Taxes	4.3%	1,316	1,261	1,234	1,187	1,123
EBT Margin	-11.4%	0.49*	0.55*	0.62*	0.66*	0.68*
Interest Expenses	9.3%	2,216	2,027	1,836	1,681	1,549
Net Income	4.7%	1,057	1,010	983	947	899
Net Income Margin	-11.1%	0.39*	0.44*	0.49*	0.52*	0.54*
Free Cahsflow	368.6%	2,245	-835	-1,652	-3,377	-2,654

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-2.1%	67,734	69,165	66,055	60,576	55,983
Cash Equivalents	-35.2%	1,043	1,610	1,886	2,602	516
Net PPE	16.5%	276	237	210	196	182
Liabilities	-2.8%	62,378	64,144	61,096	55,565	51,020
. Short Term Borrowings	28.1%	5,096	3,979	70.00	727	-
Long Term Debt	-0.6%	1,223	1,231	763	775	-
Shareholder's Equity	6.7%	5,356	5,021	4,959	5,012	4,963
Retained Earnings	7.4%	3,664	3,413	3,191	2,973	2,773
Shares Outstanding	0.2%	108	107	106	-	-

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	368.6%	2,245	-835	-2,490	-3,377	-2,654
Share Based Compensation	0%	40.00	40.00	39.00	37.00	35.00
Cashflow From Investing	-237.1%	-13,130	9,577	1,203	-8,055	-14,711
Cashflow From Financing	-29.9%	11,412	16,291	17,244	12,638	15,211
Dividend Payments	1.5%	166	164	158	143	128
Buy Backs	NaN%	0.00	0.00	-	-	-

Risks for WAL

What is the probability of a big loss on WAL?

70%

Probability that Western Alliance Bancorp stock will be more than 20% underwater in next one year

58.1%

Probability that Western Alliance Bancorp stock will be more than 30% underwater in next one year.

33.5%

Probability that Western Alliance Bancorp stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does WAL drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Western Alliance Bancorp was unfortunately bought at previous high price.

Drawdowns

Returns for WAL

Cumulative Returns on WAL

10.2%

10-Year Cumulative Returns

2.3%

7-Year Cumulative Returns

-8.6%

5-Year Cumulative Returns

5.4%

3-Year Cumulative Returns

What are the long-term rolling returns for WAL?

FIve years rolling returns for Western Alliance Bancorp.

Annualized Returns

Which funds bought or sold WAL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-24	PALISADE CAPITAL MANAGEMENT, LP	reduced	-1.95	-2,770,370	22,038,600	0.59%
2023-03-23	MetLife Investment Management, LLC	reduced	-2.04	-35,913	283,386	-%
2023-03-17	American Portfolios Advisors	reduced	-5.96	-1,326	9,335	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-36.03	-20,042,400	27,624,600	0.03%
2023-03-06	Rockefeller Capital Management L.P.	added	7.45	-10,000	335,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-18.78	-4,331,800	12,061,200	0.02%
2023-02-24	SRS Capital Advisors, Inc.	sold off	-100	-1,000	-	-%
2023-02-22	CVA Family Office, LLC	new	-	893	893	-%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	1.92	-166,000	2,013,000	0.02%
2023-02-21	MACQUARIE GROUP LTD	reduced	-15.49	-40,042,000	130,493,000	0.15%

Latest Funds Activity

Are funds buying WAL calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own WAL

No. of Funds

WAL Alerts

1 major insider buys and 1 major insider sales recently.
Big jump in Revenue (Y/Y)

Western Alliance Bancorp News

Schedule 13G FIlings of Western Alliance Bancorp

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Mar 14, 2023	citadel advisors llc	5.3%	6	SC 13G
Feb 14, 2023	price t rowe associates inc /md/	5.8%	6,360,932	SC 13G/A
Feb 14, 2023	t. rowe price investment management, inc.	5.6%	6,058,243	SC 13G
Feb 13, 2023	capital international investors	7.1%	7,707,976	SC 13G/A
Feb 09, 2023	vanguard group inc	9.27%	10,092,749	SC 13G/A
Feb 14, 2022	price t rowe associates inc /md/	13.4%	14,063,679	SC 13G/A
Feb 11, 2022	capital international investors	5.8%	6,024,657	SC 13G
Feb 11, 2022	capital international investors	5.8%	6,024,657	SC 13G
Feb 04, 2022	wellington management group llp	3.93%	4,090,884	SC 13G/A
Apr 12, 2021	price t rowe associates inc /md/	11.3%	11,474,679	SC 13G/A

WAL Fair Value

Western Alliance Bancorp fair value in different scenarios

The table shows the Fair Value estimates for Western Alliance Bancorp for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	- -	- -	- -	- -	- -
Current Inflation	166.00 387.52%	241.77 610.04%	383.24 1025.52%	516.88 1418.00%	608.33 1686.58%
Very High Inflation	- -	- -	- -	- -	- -

Historical Western Alliance Bancorp Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Western Alliance Bancorp

View All Filings

Date Filed	Form Type	Document
Mar 15, 2023	4	Insider Trading
Mar 14, 2023	SC 13G	Major Ownership Report
Mar 13, 2023	8-K	Current Report
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 28, 2023	4	Insider Trading
Feb 23, 2023	10-K	Annual Report
Feb 21, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading
Feb 21, 2023	4	Insider Trading

Latest Insider Trading transactions for WAL

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-13	JOHNSON MARIANNE BOYD	bought	63,830	25.79	2,475	-
2023-02-25	Curley Stephen Russell	sold (taxes)	-55,512	73.82	-752	chief banking ofc.-nbl
2023-02-25	Ardrey J. Kelly Jr.	sold (taxes)	-10,851	73.82	-147	chief accounting officer
2023-02-25	Nachlas Emily	sold (taxes)	-21,186	73.82	-287	chief risk officer
2023-02-21	Bruckner Tim R	sold	-128,030	73.16	-1,750	cbo for regional banking
2023-02-16	Vecchione Kenneth	acquired	-	-	38,147	president and ceo
2023-02-16	GIBBONS DALE	sold (taxes)	-255,468	73.92	-3,456	vice chairman and cfo
2023-02-16	Vecchione Kenneth	sold (taxes)	-1,183,020	73.92	-16,004	president and ceo
2023-02-16	Boothe Timothy W	sold (taxes)	-131,282	73.92	-1,776	chief operating officer
2023-02-16	Vecchione Kenneth	acquired	-	-	102	president and ceo

About Western Alliance Bancorp

Kenneth A. Vecchione

www.westernalliancebancorp.com

3140

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates in Commercial, Consumer Related, and Corporate & Other segments. The company offers deposit products, including checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; and treasury management and residential mortgage products and services. It also offers commercial and industrial loan products, such as working capital lines of credit, loans to technology companies, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans; commercial real estate loans, which are secured by multi-family residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties; construction and land development loans for single family and multi-family residential projects, industrial/warehouse properties, office buildings, retail centers, medical office facilities, and residential lot developments; and consumer loans. In addition, the company provides other financial services, such as internet banking, wire transfers, electronic bill payment and presentment, lock box services, courier, and cash management services. Further, it holds certain investment securities, municipal and non-profit loans, and leases; invests primarily in low-income housing tax credits and small business investment corporations; and holds certain real estate loans and related securities. The company operates 36 branch locations, as well as loan production offices. Western Alliance Bancorporation was founded in 1994 and is headquartered in Phoenix, Arizona.

WAL Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest income:
Loans, including fees	$ 2,393.4	$ 1,488.8	$ 1,144.3
Investment securities	265.6	158.6	107.8
Dividends and other	32.8	11.3	9.7
Total interest income	2,691.8	1,658.7	1,261.8
Interest expense:
Deposits	276.4	47.5	70.4
Qualifying debt	35.0	33.1	23.9
Other borrowings	164.1	29.3	0.6
Total interest expense	475.5	109.9	94.9
Net interest income	2,216.3	1,548.8	1,166.9
Provision for (recovery of) credit losses	(68.1)	(21.4)	(123.6)
Net interest income after provision for (recovery of) credit losses	2,148.2	1,570.2	1,043.3
Non-interest income:
Service charges and fees	27.0	28.3	23.3
Income from equity investments	17.8	22.1	12.7
Fair value (loss) gain on assets measured at fair value, net	(28.6)	(1.3)	3.8
Other income	30.5	12.3	16.1
Total non-interest income	324.6	404.2	70.8
Non-interest expense:
Salaries and employee benefits	539.5	466.7	303.6
Legal, professional, and directors' fees	99.9	58.6	42.2
Occupancy	55.5	43.8	34.1
Deposit costs	165.8	29.8	18.5
Data processing	83.0	58.2	35.7
Insurance	31.1	23.0	13.3
Gain (Loss) on Extinguishment of Debt	0.0	5.9	0.0
Net gain on sales and valuations of repossessed and other assets	(0.7)	(3.5)	(1.5)
Other expense	81.5	57.8	36.1
Total non-interest expense	1,156.7	851.4	491.6
Income before provision for income taxes	1,316.1	1,123.0	622.5
Income tax expense	258.8	223.8	115.9
Net income	1,057.3	899.2	506.6
Preferred Stock Dividends, Income Statement Impact	12.8	3.5	0.0
Net income available to common stockholders	$ 1,044.5	$ 895.7	$ 506.6
Earnings per share:
Basic	$ 9.74	$ 8.72	$ 5.06
Diluted	$ 9.70	$ 8.67	$ 5.04
Weighted average number of common shares outstanding:
Basic	107.2	102.7	100.2
Diluted	107.6	103.3	100.5
Net gain on loan origination and sale activities	$ 104.0	$ 326.2	$ 0.0
Commercial banking related income	21.5	17.4	14.7
Gain on sales of investment securities	6.8	8.3	0.2
Gain on recovery from credit guarantees	14.7	7.2	0.0
Loan servicing fees, net	130.9	(16.3)	0.0
Expense Related to Distribution or Servicing and Underwriting Fees	55.5	53.5	0.0
Loan Processing Fee	23.1	28.8	0.0
Acquisition and restructure expenses	0.4	15.3	0.0
Business Development	$ 22.1	$ 13.5	$ 9.6

WAL Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and due from banks	$ 259.0	$ 166.0
Interest-bearing deposits in other financial institutions	784.0	350.0
Cash and cash equivalents	1,043.0	516.0
Debt Securities, Available-for-sale	7,092.0	6,189.0
Investment securities - HTM, at amortized cost; fair value of $516,261 at December 31, 2019 and $298,648 at December 31, 2018	1,289.0	1,107.0
Debt Securities, Held-to-maturity, Allowance for Credit Loss	(5.0)	(5.0)
Debt Securities, Held-to-maturity, Net	1,284.0	1,102.0
Investment securities - equity	160.0	159.0
Investments in restricted stock, at cost	224.0	92.0
Financing Receivable, Held-for-Sale	1,184.0	5,635.0
Loans:
Loans and Leases Receivable, Net of Deferred Income	51,862.0	39,075.0
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest	309.7	252.5
Loans and Leases Receivable, Net Amount, Total	51,552.0	38,823.0
Premises and equipment, net	276.0	182.0
Operating lease right of use asset	163.0	133.0
Bank owned life insurance	182.0	180.0
Goodwill and intangible assets, net	680.0	635.0
Deferred tax assets, net	311.0	21.0
Investments in LIHTC and renewable energy	624.0	631.0
Other assets	1,811.0	987.0
Total assets	67,734.0	55,983.0
Deposits:
Non-interest-bearing demand	19,691.0	21,353.0
Interest-bearing	33,953.0	26,259.0
Total deposits	53,644.0	47,612.0
Customer repurchase agreements	27.0	17.0
Other borrowings	6,299.0	1,502.0
Qualifying debt	893.0	896.0
Operating lease liability	185.0	143.0
Other liabilities	1,357.0	867.0
Total liabilities	62,378.0	51,020.0
Commitments and contingencies (Note 18)
Stockholders’ equity:
Common Stocks, Including Additional Paid in Capital	2,163.0	1,966.0
Treasury stock, at cost (2,003,873 shares at December 31, 2019 and 1,793,231 shares at December 31, 2018)	(105.0)	(87.0)
Accumulated other comprehensive (loss) income	(661.0)	15.7
Retained earnings	3,664.0	2,773.0
Total stockholders’ equity	5,356.0	4,962.6
Total liabilities and stockholders’ equity	67,734.0	55,983.0
Debt Securities, Available-for-sale, Amortized Cost	7,973.0	6,167.0
Debt Securities, Held-to-maturity, Fair Value	$ 1,112.0	$ 1,146.0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	111,465,292	108,981,341
Treasury Stock, Shares	2,550,766	2,350,021
Servicing Asset	$ 1,148.0	$ 698.0
Preferred Stock, Value, Issued	$ 295.0	$ 295.0
Preferred Stock, Liquidation Preference Per Share	$ 25	$ 25
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Outstanding	12,000,000	12,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001