Western Alliance
Combines western commercial banking, national specialist teams, and AmeriHome mortgage services.
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Profile
Provides commercial loans, deposits, treasury management, specialist banking, and mortgage services through regional teams, national business lines, and AmeriHome. Revenue centers on interest spreads and service fees, while the model depends on deposit liquidity, credit quality, funding costs, mortgage markets, and banking regulation.
Combines Regional Banking, National Business Lines, and AmeriHome inside a bank holding company. Regional teams provide commercial loans, deposits, and treasury management in Arizona, Nevada, and California, while specialist bankers serve industries and transaction types nationwide.
Earns primarily through interest spreads supported by deposits and other funding, plus fees from treasury management, trust, specialist services, and mortgage banking. The model joins local relationship coverage with industry underwriting, funding, payments, and AmeriHome's correspondent mortgage acquisition, sale, securitization, and servicing activities.
Results depend on commercial deposit composition and liquidity, borrower and collateral performance, interest-rate and funding costs, mortgage-market execution, and regulatory capital requirements.
Company facts
Categories
Key statistics
Year to date −8.1% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 24, 2026 | Piper Sandler | Reiterate | Overweight | $92 | $97 |
| Jul 23, 2026 | Mizuho Securities | Target | $96 | ||
| Jul 23, 2026 | Stephens | Reiterate | Overweight | $95 | $96 |
| Jul 23, 2026 | Stifel Nicolaus | Target | $95 | ||
| Jul 22, 2026 | DA Davidson | Reiterate | Buy | $36 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 21, 2026Q2 FY26 | $2.36 | $2.36 | 0.0% | $980.5M | $995.7M | +1.5% | +3.61% |
| Apr 21, 2026Q1 FY26 | $1.48 | $2.22 | +50.0% | $958.1M | $998.7M | +4.2% | +0.69% |
| Jan 27, 2026Q4 FY25 | $2.40 | $2.59 | +7.9% | $913.4M | $980.9M | +7.4% | −0.86% |
| Oct 21, 2025Q3 FY25 | $2.08 | $2.28 | +9.6% | $888.2M | $923.2M | +3.9% | +3.24% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.21B | $1.28B | $1.40B | $1.41B | $1.44B | $888.5M | |
| Gross profit | $730.4M | $785.9M | $843.2M | $882.3M | $805.7M | $373.1M | |
| Operating income | $246.4M | $291.3M | $313.8M | $355.7M | $231.3M | $332.0M | |
| Net income | $199.1M | $230.4M | $253.4M | $286.1M | $189.2M | $261.7M | |
| Diluted EPS | $1.79 | $2.07 | $2.28 | $2.59 | $1.67 | $2.36 | |
| Gross margin | 60.5% | 61.3% | 60.3% | 62.7% | 55.9% | 42.0% | |
| Operating margin | 20.4% | 22.7% | 22.4% | 25.3% | 16.1% | 37.4% |
Fiscal years (4-quarter sums)FY21 $2.01B · FY22 $2.95B · FY23 $4.26B · FY24 $5.01B · FY25 $5.29B
Revenue by product · Q1 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $15.88B · Total debt $7.45B · Total assets $98.70B · Shareholders' equity $7.84B
Dividends
Raised for 5 straight years — most recently to $0.42 from $0.38 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 13, 2026 | Aug 13 | Aug 27 | $0.42 | |
| May 14, 2026 | May 14 | May 29 | $0.42 | |
| Feb 20, 2026 | Feb 20 | Mar 6 | $0.42 | |
| Nov 13, 2025 | Nov 13 | Nov 28 | $0.42 | raised from $0.38 |
| Aug 14, 2025 | Aug 14 | Aug 29 | $0.38 | |
| May 15, 2025 | May 15 | May 30 | $0.38 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.38 | |
| Nov 15, 2024 | Nov 15 | Nov 29 | $0.38 | raised from $0.37 |
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 109.19M · Float 104.60M · 95.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.28M | 10.33% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 6.31M | 5.78% | 13F | Aug 14, 2026 |
| Invesco Ltd. | 5.87M | 5.40% | 13G | Aug 13, 2026 |
| Vanguard Capital Management | 5.48M | 5.02% | 13G | Jul 31, 2026 |
| Vanguard Portfolio Management | 5.48M | 5.01% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 9, 2026 | Dale Gibbons | officer: Vice Chair and CBO, Deposits | −40,000 | $82.39 |
| Jun 8, 2026 | Ben Mucha | officer: Chief Accounting Officer | −5,946 | $81.00 |
| Feb 18, 2026 | Ben Mucha | officer: Chief Accounting Officer | −641 | $95.62 |
| Dec 15, 2025 | Marianne Boyd Johnson | director | −16,528 | $87.15 |
| Oct 30, 2025 | Dale Gibbons | officer: Vice Chairman and CFO | +4,000 | $77.00 |
Peers
- Zions Bancorporation
Closest western peer in middle-market commercial banking and deposits
- First Citizens BancShares
Specialist rival in commercial, venture, treasury, and HOA banking
- East West Bancorp
California commercial-bank rival for loans, deposits, and cash management
- Banc of California
California relationship-bank rival for middle-market and venture clients
- Customers Bancorp
Specialist-bank rival across venture, mortgage finance, escrow, and payments
- PennyMac Financial Services
Direct rival to AmeriHome in correspondent mortgages and servicing
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Western Alliance | $78.53 | −0.03% | $8.57B | 8.8 | 7.5 | 1.7 | +17.7% |
| Zions Bancorporation | $67.78 | −0.01% | $9.89B | 8.6 | 10.3 | 1.9 | +4.8% |
| First Citizens BancShares | $2,194.07 | +0.07% | $24.99B | 11.7 | 11.7 | 1.7 | −5.5% |
| East West Bancorp | $129.44 | −0.02% | $17.73B | 12.4 | 11.9 | 3.8 | +12.5% |
| Banc of California | $18.60 | −0.03% | $2.86B | — | 9.7 | 1.6 | — |
| Customers Bancorp | $78.58 | 0.00% | $2.66B | 9.6 | 8.7 | 1.8 | +12.4% |
| PennyMac Financial Services | $73.05 | −0.43% | $3.81B | 10.1 | 8.7 | 0.8 | −52.2% |
| Median | 10.1 | 10.0 | 1.8 | +4.8% |