Nomura Securities Maintains a 'Neutral' on Western Alliance (WAL); 1Q Results Marked a Return to Profitability

Nomura Securities maintains a 'Neutral' on Western Alliance Bancorporation (NYSE: WAL), PT increased from $8 to $8.50.

Nomura analyst, Brian Foran, said, "WAL’s 1Q results marked a return to profitability for the first time in about two years. Profitability seems likely to persist given that pre-provision earnings are now well in excess of charge-offs. Foreclosed asset marks and TARP remain lingering issues, but stepping back we note that WAL is one of the very few banks we cover that is growing loans at stable yields (loans up 1% sequentially vs. the industry’s 2% decline; loan yields were down only 2bp vs. the industry’s 6bp decline). Raise ests on faster-than-modeled credit improvement and continued loan growth. 2011/2012/normalized EPS ests increase to $0.20, $0.50 and $0.85 ($0.07, $0.22, $0.80 previously)."


For more ratings news on Western Alliance Bancorporation click here and for the rating history of Western Alliance Bancorporation click here.

Shares of Western Alliance Bancorporation closed at $8.20 yesterday.

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