Keefe, Bruyette & Woods Says Western Alliance "Moving In Right Direction"

According to Keefe, Bruyette & Woods, Western Alliance Bancorp WAL is moving in the right direction. Keefe, Bruyette & Woods said that for the first time since 2Q08, WAL reported an operating profit, including the TARP divy. “NIM and PTPP ROA expand and NPAs declined. With 1Q11 beat, we are raising '11 & '12 EPS estimates by $0.05 each to $0.25 & $0.50, respectively, and increasing '13 EPS estimate to $0.83 and bumping up our target price by $0.50 to $8.50.” Western Alliance Bancorp closed yesterday at $8.50.